Friday, August 08, 2008

Stamp Duty

This week the Chancellor announced some plans to possibly defer Stamp Duty to restart the housing market.

What is Stamp Duty?

It covers the registration of many types of official financial & legal transactions. The enforcement of it in the UK's American colonies was one of the triggers towards independence.

However the one you will be familiar with is when buying a house.

The rates are

over £125,000 to £250,000: 1%
over £250,000 to £500,000: 3%
over £500,000: 4%

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