On the 2nd September 2008 the Government announced that the Stamp Duty Land Tax threshold for land transactions consisting entirely of residential property will be increased from £125,000 to £175,000 for transactions with an effective date (normally completion after the 2nd September 2008 and before 3rd September 2009). This means that:-
1. No Stamp Duty Land Tax will be due where the chargeable consideration is £175,000 or less.
2. Where the chargeable consideration is greater than £175,000 but not greater than £250,000 the rate of Stamp Duty Land Tax will remain 1%
All other Stamp Duty Land Tax Thresholds and rates remain unchanged.