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Stamp Duty Land Tax

If you’re buying a property costing over £125,000 you must pay a property tax, officially called Stamp Duty Land Tax. Stamp Duty isn’t payable on ‘fixtures and fittings’ (legally called chattels) such as carpets, curtains, light fittings, kitchen appliances and garden ornaments (basically anything moveable), which may be included in the purchase price. You can legally pay for fixtures and fittings separately, which you should do if it will bring the price below a threshold (saving thousands of pounds). However, you should be aware that the Inland Revenue investigates sales just below the £250,000 and £500,000 thresholds, when it may be suspected that the buyer has fraudulently over-valued fixtures and fittings in order to dip below a Stamp Duty threshold.

From 1st December 2003, buyers have had to complete an eight-page self-assessment form and take personal responsibility for paying Stamp Duty. Forms must be filed within 30 days of buying and there’s a fine for filing late.

Stamp duty rates are shown below:

Property Price Stamp Duty

Below £125,000 Zero

£125,001 to £250,000 1%

£250,001 to £500,000 3%

Over £500,000 4%

Copyright © Survival Books Limited 2006

“Buying or Renting a Home in London” 1st Edition, David Hampshire and Sue Harris.
Reproduced with the permission of Survival Books Limited.

Further information on this topic can be found in “Buying or Renting a Home in London” 1st edition, by David Hampshire and Sue Harris.

For extensive, annually updated information about buying or renting a property in London, you can purchase this book at www.survivalbooks.net


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