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About Stamp Duty

Stamp duty is a tax on land and property transactions. For most people, the main time you'll have to pay stamp duty is when you buy a house or apartment.  The amount of stamp duty you'll have to pay depends on the value of the property.

Stamp duty is payable on all properties purchased for over £125,000. The current rates for stamp duty on residential properties are detailed below:

Purchase price of property

Rate of stamp duty (percentage of the total purchase price)

£0 - £125,000

0%

£125,001 - £250,000

1%

£250,001 - £500,000

3%

£500,001 - £1 million

4%

Over £1 million - £2 million

5%

Over £2 million

7%

 

When you buy a share in a property through an approved shared ownership scheme you may have to pay stamp duty. There are two ways to pay:

  • making a one-off payment based on the total market value of the property

  • paying any stamp duty due in stages

If you decide to make a one-off payment up front this is known as making a 'market value election' for stamp duty.

If you instead choose to pay stamp duty in stages then you pay anything that's due on the initial purchase amount. But then you don't have to make any further payments until you own more than an 80 per cent share of the property.

Each of the options for paying could suit different buyers, depending on your circumstances. It's up to you to decide.

 

Yes, if the property is purchased for over £125,000 then stamp duty will be payable on your Help to Buy property.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Share to Buy Ltd is authorised and regulated by the Financial Conduct Authority. FCA register number 306800. You can find more detail on our status in our Initial Disclosure Document [109k] and Terms of Business.

For further information, contact us or write to: Share to Buy, PO Box 11998, Sudbury CO10 3BS. Registered in England and Wales no: 04909788.