Economics
Study Notes
Fiscal Policy - Stamp Duty
- Level:
- AS, A Level
- Board:
- AQA, Edexcel, OCR, IB
Last updated 22 Mar 2021
This note looks at the changes made to Stamp Duty by the Chancellor George Osborne in his December 2014 Autumn Statement.
Stamp Duty is a tax paid on the market price of a property purchased in the United Kingdom
Prior to December 2014, stamp duty was charged at a single percentage rate on the whole purchase price of a property, with different rates for different value bands.
Under the revised system, the rate of stamp duty will vary in a similar way to the banding system for income tax
- For homes valued between £0 and £125k the marginal rate of tax will be 0%
- For homes valued between £125 and £250k the marginal rate of tax will be 2%
- For homes valued between £250K and £925k the marginal rate of tax will be 5%
- For homes valued between £925k and £1.5m the marginal rate of tax will be 10%
- For homes valued over £1.5m the marginal rate of tax will be 12%
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