Stamp duty increase for most valuable properties

From April 2011, anyone purchasing a new property that costs over £1,000,000 will face an additional cost of at least £10,000 following Alistair Darling’s 1 per cent increase in Stamp Duty Land Tax for the most expensive properties.

At present, this highest rate of Stamp Duty Land Tax is 4 per cent which is payable on purchases of properties valued at £500,000 and above.  From April 2011, the rate for properties valued at £1 million or more will be 5 per cent.