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Stamp duty 'costs average homeowner almost £12,000'

Stamp duty costs the average homeowner almost £12,000 over the course of a lifetime of climbing the UK's housing ladder, research from a global bank has found. Lloyd's TSB found the ax on legal recognition of documents cost £11,782 per homeowner.

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Stamp duty costs in 2014

  • 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%.

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