Stamp Duty Land Tax which replaced Stamp Duty in 2003 is a simple tax based upon the price that is paid for property.
The amount payable is set out in the table below
£1.00 to £125,000 No tax
£125,001 to £250,000 1% of the price paid
£250,001 to £500,000 3% of the price paid
£500,001 and above 4% of the price paid
To provide some mitigation against this tax the Chancellor introduced in 2005 the concept of 'Disadvantaged Areas'.
This measure exempted residential properties in certain areas from the payment of Stamp Duty Land Tax provided the purchase price is no more than £150,000.
The relevant areas are defined by Post Codes.
You can check to see if a property is exempt by clicking on the link below and typing in the Post Code.
Stamp Duty Land Tax becomes payable 28 days from the day of completion.
Click here for more information about Disadvantaged Areas Relief.