Stamp Duty update

The rates for stamp duty land tax – the lump-sum tax that anyone buying a property or land costing more than a set amount has to pay – for 2013/2014 are as follows:

RESIDENTIAL

Up to £125,000 – Nil

Over £125,000 to £250,000 – 1%

Over £250,000 to £500,000 – 3%

Over £500,000 to £1million – 4%

Over £1million to £2million – 5%

Over £2million – 7% (15% for corporate bodies)

NON-RESIDENTIAL

£0-£150,000 (where annual rent less than £1,000) – Nil

£0-£150,000 (where annual rent is £1,000 or more) – 1%

£50,000 – £250,000 – 1%

£250,001 – £500,000 – 3%

Over £500,000 – 4%

Please contact any member of our residential property team for further details or advice.