Stamp Duty Threshold Raised
Chancellor announces a £5k rise in the stamp duty threshold
24th March 2006
Chancellor Gordon Brown has announced a rise in the stamp duty threshold, by £5,000 to £125,000.
Stamp duty is a tax paid on the purchase of property, and the new threshold means that any house bought for less than £125,000 will not attract the duty. Properties costing between £125k and £250k will be taxed at 1% of their value, 3% will be levied on those costing between £250k and £500k, while those of higher values will be taxed at 4%.
The threshold rise will be welcomed by house buyers, especially first time buyers, but is not as dramatic as last year's doubling of the threshold from £60k to £120k.
Stamp duty raises around £5.5bn for the treasury each year.
|
More on Stamp Duty : Stamp Duty Worth £5.5bn to Treasury (News, 02/11/2005), Stamp Duty Threshold Doubled (News, 16/03/2005), Calls for Stamp Duty Threshold Rise (News, 09/11/2004), Calls to Abolish Stamp Duty for First Time Buyers (News, 04/12/2003) |
Home - Investment - Property
