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HOUSE STAMP DUTY All Status Mortgages Considered
 When buying a house in the UK you have to pay "House Stamp Duty" (i.e. tax) to the uk government at the following rates:
0-£120,000 0% payable £120,001-£250,000 1% payable £250,001-£500,000 3% payable above £500,000 4% payable
This house stamp duty rate is not marginal ie; someone buying a house for £120,001 pounds pays the full 1 % house stamp duty tax, whereas someone buying a house for 120,000 pays no house stamp duty tax. Rates for house stamp duty changed in the 2006 budget, possibly to assist beleagured first time buyers & help keep the housing chain moving. Although the buyer pays the tax in name, in fact the seller is really paying (at least some of) the house stamp duty tax. House stamp duty is still at low enough a level that you could say that it has not really reduced house price inflation. In the UK you currently do not pay capital gains tax on the sale of your primary residence.
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