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Stamp Duty
A government tax charged by the Inland Revenue. The fee is based on the value of the property. This must be done before the change in ownership can be registered at the Land Registry. Your solicitor will arrange this after completion.
The amount you pay depends on how much you are paying for the property:
Less than 125,000: 0%
125,001 - 250,000: 1%
250,001 - 500,000: 3%
Over 500,001: 4%