Average flat in England and Wales now pays punitive 3 per cent Stamp Duty
New Land Registry figures released by property management firm London Central Portfolio have revealed that the average price of a flat in England and Wales has risen above £250,000, taking them into the punitive 3 per cent band of Stamp Duty. Properties bought for a quarter of a million pounds or less pay up to £2,500 in Stamp Duty. But the tax bill rockets above this, to an eye-watering £7,500 on a property bought for £250,001.
The data is based on the Land Registry's publicly available 'price paid' data (which shows an average price of around £239,000 for flats), but reportedly makes adjustments to exclude some transactions. But with both datasets showing average prices around the level at which the punitive rate kicks in, a lot more home buyers will be finding themselves stamped with a much nastier level of duty.
But you can make a difference. Go to StampOutStampDuty.org to automatically send your MP a message about Stamp Duty.
12:49 PM 20, Feb 2017 The TaxPayers' Alliance
12:01 AM 20, Feb 2017 The TaxPayers' Alliance
11:08 AM 10, Feb 2017 Lee Canning
9:34 AM 09, Feb 2017 Alex Wild
9:10 AM 09, Feb 2017 James Price
2:02 PM 08, Feb 2017 James Price