Stamp Duty

This tax is payable to the Government on purchase of a property. At present the rates are:

0% on a property up to £125,000
1% between £125,000 and £250,000
3% between £250,000 and £500,000

As of 25th March 2010, exceptions apply:
0% for first time buyers on properies up to £250,000

As of 6th April 2011:
5% rate for all homes valued over £1,000,000

Transactions need to be completed by 6th April in order to avoid the increase in stamp duty.