- 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%.
More top news
Showers across Britain will make way for sunshine tomorrow before a milder end to the weekend, though heavy rain will return in the north.
George Clooney appeared in a special Downton Abbey as a host of stars came together to raise money for the ITV charity campaign Text Santa.
Events company Secret Cinema is planning to screen a film in protest at what they have called the 'censorship' of The Interview.