Stamp duty land tax, or SDLT, is a UK tax paid on legal land and property transactions. It is charged as a percentage of the amount paid for the land or property when it is bought or transferred. The amount payable is worked out on the value of the transaction, and you pay the rate for the transaction value on the whole sum, not just on the amount over each threshold.
| Property Purchase Price | Rate |
|---|---|
| Up to £125,000 | 0% |
| £125,001–£250,000 | 1% |
| £250,001–£500,000 | 3% |
| £500,001 and over | 4% |
Tax is paid at the rate applicable to the purchase price on the whole amount.
Properties costing up to £250,000 are exempt for first-time buyers only.
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Source:http://www.dummies.com/how-to/content/stamp-duty-land-tax-in-the-uk.html
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