- 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
Theresa May will attend a key EU summit on Thursday, just hours after her authority was diminished by a humiliating House of Commons defeat.
The best of the sunshine will be in the east.
The British territory will allow only domestic partnerships after senators approved the Domestic Partnership Act by an 8-3 vote.