Increase in Stamp Duty in UK

publication date: Feb 23, 2011
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

Stamp Duty in UK

Million Pound Property Stamp Duty Increase from 6th April 2011

For those of you that are keen on buying a million pound home, then it’s worth trying to ‘close the deal’ prior to the end of this tax year to avoid the jump from stamp duty from 4% to 5%.

This is a wopping increase of £10,000 extra tax if you are buying a home over £1,000,000, although in the grand scheme of the costs you will have to pay out, it isn’t really that significant.

According to Zoopla, approximately 6,600 homes would have qualified for the additional payment, selling for an average of £1.7 million pounds. Estate Agent Today estimates that this will increase the amount of tax to the treasury from stamp duty by a whopping £113 million.

So, if you are desperate to buy now, make sure you have a good legal company to help you complete (or contact us if you don’t) but beware that post 6th April, it may mean that for properties around the million pound mark, you may be better off waiting as in this market, sellers may well drop their price below the extra stamp duty mark, getting you a better price!

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