Stamp Duty
In June 2015 the local Government announced new residential stamp duty scales as below
First-time and second-time buyers (referred to as “Qualifying Purchasers ”) will be liable to Stamp Duty as follows:
On the first £300,000 of the value of the Property
0%
Balance above £300,000 to £350,000
5.5%
Balance above £350,000
3.5%
All other transactions relating to non-Qualifying Purchaser will be liable to stamp duty according to the standard thresholds as follows
Where the value of the Property does not exceed £200,000
0%
Where the value of the Property exceeds £200,000 but does not exceed £350,000
2% on the first £250,000 of the value and
5.5% of the amount or value that exceeds £250,000
Where the value of the Property exceeds £350,000
3.0% on the first £350,000 of the value and
3.5% of the amount or value that exceeds £350,000
