Here are the stamp duty rates, from HMRC.
Some Tory MPs are calling for the starting rate to be raised to £500,000.
Scotland is considering moving to stepped rates from 2015, so higher percentages will only be charged on amounts over the relevant threshold.
Residential land or property SDLT rates and thresholds
Purchase price/lease premium or transfer value
Up to £125,000
Over £125,000 to £250,000
Over £250,000 to £500,000
Over £500,000 to £1 million
Over £1 million to £2 million
|Over £2 million from 22 March 2012||7%|
|Over £2 million (purchased by certain persons including corporate bodies) from 21 March 2012||15%|
If the value is above the payment threshold, SDLT is charged at the appropriate rate on the whole of the amount paid. For example, a house bought for £130,000 is charged at 1 per cent, so £1,300 must be paid in SDLT. A house bought for £350,000 is charged at 3 per cent, so SDLT of £10,500 is payable.
£2 million threshold for wholly residential property
From 22 March 2012 SDLT on residential properties over £2 million is charged at 7 per cent It does not apply to non-residential or mixed-use properties.