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Stamp duty is "an important source of revenue" for the Government and cutting it would "create a significant cost to the Exchequer" at a time when the country is already in debt, a Treasury spokeswoman said.
- Stamp duty is imposed on the total value of the property, so someone buying a home for between £250,000 and £500,000 pays between £7,500 and £15,000.
- Sales of houses up to the value of £125,000 are free of stamp duty.
- Property up to £250,000 will cost the buyer 1% of that price in stamp duty.
- Would-be homeowners buying property in the range of £250,000 to £500,000 will pay stamp duty to the tune of 3% of the houses' value.
- Homes valued at over £500,000 to £1 million will force the buyer to pay stamp duty of 4%.
- Property in the £1 million to £2 million bracket has a 5% stamp duty charge.
- Buyers purchasing property over the £2 million mark will have to pay 7%.
The average homeowner will pay almost £12,000 in stamp duty over the course of a lifetime of climbing the UK property ladder, research from a High Street bank found.
Lloyds Bank said the average homeowner faces paying £11,782 in stamp duty, on top of the cost of buying a house.
As people typically spend just under eight years living in a property, the research assumed that a home owner had bought their first property in 1998, their second in 2006 and their third in 2014.
The rigid "slab" structure of stamp duty has been strongly criticised, particularly as surging house prices have pushed more homes into higher tax brackets.