Stamp Duty Land Tax After much badgering, the Government has increased the nil rate threshold from £60,000 to £120,000 from 17 March 2005. The change applies to residential property.
This means that for properties purchased between £120,001 and £250,000, tax will be levied at 1%. The other bands remain the same at 3% between £250,001 and £500,000 and 4% from £500,001.
The current Stamp Duty Land Tax relief for commercial property in disadvantaged areas will stop from the same date. A case of robbing Peter to pay Paul?