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PROPERTY TAXES
The incremental rate of tax is only payable on the part of the property price
within
each band.
An additional 3% rate applies to certain second properties above £40,000 for all
3 taxes.
England, Wales and Northern Ireland
–
stamp duty land tax
From22November2017 (reverts to land transaction tax inWales from
1April2018).
On the transfer of
residential property
On the transfer of
non-residential property
£0 – £125,000
0%
Less than £150,000
0%
£125,001 – £250,000
2% £150,001 – £250,000 2%
£250,001 – £925,000
5%
Over £250,000
5%
£925,001 – £1.5m
10%
Over £1.5m
12%
First-time buyers pay nothing on the irst £300,000 and then 5% on the next
£200,000. If the property is over £500,000, the rates in the table above apply.
For purchases by companies and other non-natural persons in excess of
£500,000 a rate of 15% applies, subject to certain exclusions.
Scotland
–
land and buildings transaction tax
On the transfer of
residential property
On the transfer of
non-residential property
£0 – £145,000
0% £0 – £150,000
0%
£145,001 – £250,000
2% £150,001 – £350,000 3%
£250,001 – £325,000
5%
Over £350,000
4.5%
£325,001 – £750,000
10%
Over £750,000
12%
First-time buyers pay nothing on the first £175,000 from June 2018 (subject
to consultation).
Wales from 1 April 2018
–
proposed land transaction tax
On the transfer of
residential property
On the transfer of
non-residential property
£0 – £180,000
0% £0 – £150,000
0%
£180,001 – £250,000
3.5% £150,001 – £250,000 1%
£250,001 – £400,000
5% £250,001 – £1m 5%
£400,001 – £750,000
7.5%
Over £1m
6%
£750,000 – £1.5m
10%
Over £1.5m
12%