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Tax on Homes
Updated Budget 2007
Click here to see tables for previous years.
| Mortgage Interest Relief | 1998-9 | 1999-2000 | 2000-2001 |
|---|---|---|---|
| Up to first £30,000 of qualifying loan | 10% | 10% | Withdrawn |
| Stamp Duty | 2006-2007 |
|---|---|
| Property valued at up to £125,000 | NIL |
| Property valued at £125,001-£250,000 | 1% |
| Property valued at £250,001-£500,000 | 3% |
| Property valued at £500,001+ | 4% |
| Rate (%) | Disadvantaged areas | Other areas |
|---|---|---|
| 0 | £0-£150,000 | £0-£125,000 |
| 1 | £150,001-£250,000 | £125,001-£250,000 |
| 3 | £250,001-£500,000 | £250,001-£500,000 |
| 4 | over £500,001 | over £500,001 |
From October 1 2007 new 'zero-carbon' homes costing £500,000 or less will attract no stamp duty. Where the price is over £500,00 the stamp duty liability will be reduced by £15,000.