Can you guess the stamp duty on these properties for sale? Take our quiz and work out which homes have six-figure stamp duty costs…
- Our quiz challenges you to guess the stamp duty on 10 homes for sale
- Stamp duty has been given a huge overhaul in recent years
- New thresholds include a top rate of 12% on homes above £1.5m
- The rates are different for first-time buyers, second-home owners and landlords
- Calls for a stamp duty overhaul in the Budget on Monday
It’s the additional cost of buying a home that everyone loves to forget to factor into their budget.
But stamp duty often makes up one of the biggest transaction costs for buyers, and can run into tens of thousands of pounds – especially on properties at the top end of the market.
The various stamp duty thresholds mean the differences that buyers pay can be massive, as our quiz below demonstrates.
Will the Chancellor announce a change to stamp duty in the Budget on Monday?
Can you work out which properties in our quiz have six-figure stamp duty costs?
There have been calls for the Chancellor to announce a change to stamp duty in the Budget on Monday – in particular, a reduction for downsizers.
Paul Smith, chief executive of estate agent Haart, said: ‘The Chancellor must use this Budget to cut stamp duty for downsizers and free up stock for families moving up the ladder.’
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It follows an overhaul of the tax in December 2014 by the then Chancellor George Osborne.
While the majority of buyers pay less under the new system, those purchasing a property worth £937,000 or higher pay more.
This is because the stamp duty rate on homes at the top end of the market is higher, currently 12 per cent for those properties costing more than £1.5million.
It means those buying a £2million property, for example, pay more than £150,000 in stamp duty.
It is in sharp contrast to those buying a home costing up to £125,000, who pay nothing at all.
In between these two extremes, are those who pay two per cent on properties costing between £125,001 and £250,000, five per cent on those between £250,001 and £925,000, and 10 per cent between £925,001 and £1.5million.
Separately, there is a stamp duty exemption for first-time buyers, which was introduced last year.
These buyers no longer pay stamp duty on properties up to £300,000 – and if the home is worth between £300,000 and £500,000, they pay no stamp duty on the first £300,000 and then five per cent on the remaining amount.
A three per cent surcharge is applied on second homes and buy-to-let properties.
The stamp duty levels in the quiz are not applied to first-time buyers, second-home owners or landlords, or homes outside of England.
Can you work out which properties in our quiz have zero stamp duty and which have stamp duty running into six figures?
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