Property Tax

Different types of taxes are payable by buyers and sellers of property. In England, property buyers are liable to pay a so-called Stamp Duty Land Tax to central government if the value of a property is above a price threshold. The tax attaches to buyers of freehold properties, new or existing leaseholds, purchases through shared ownership schemes or when land or property is transferred in exchange for payment. The SDLT threshold for non-first-time buyers of residential property in late 2021 was [there is a missing value – do you mean 0% for the first £125k?] GBP 125K; 2% to GBP 250K, 5% to GBP925K, 10% to GBP 1.5 million, and 12% above GBP 1.5m. Property owners and renters are also liable to pay council tax, payable to local municipalities to fund local services and amenities. The council tax payable is contingent on the value of the property, which defines which band it is in.