Stamp Duty Budget 2010

New rates were announced in the budget 2010 by Alistair Darling with a new threshold for first time buyers for properties valued under £250,000 and a new 5% tax for properties over £1,000,000.

The new £250,000 threshold comes into force on 25th March 2010 with the new £1,000,000 in April 2010. Here's a run down of the current Rates.

Rates from 1st January 2010 to 24th March 2010 inclusive

• Up to £125,000 - 0%
• Over £125,000 and under £250,000 - 1%
• Over £250,000 and under £500,000 - 3%
• Over £500,000 - 4%

Rates as from 25th March 2010

In a pre-election budget the Chancellor Alistair Darling announced a new threshold for first time buyers to stimulate demand.

• Up to £250,000 - 0% (first time buyers only)
• Up to £125,000 - 0%
• Over £125,000 and under £250,000 - 1%
• Over £250,000 and under £500,000 - 3%
• Over £500,000 - 4%

Rates from April 2010

A new rate is introduced for homes over £1,000,000.

• Up to £250,000 - 0% (first time buyers only)
• Up to £125,000 - 0%
• Over £125,000 and under £250,000 - 1%
• Over £250,000 and under £500,000 - 3%
• Over £500,000 and under £1,000,000 - 4%
• Over £1,000,000 - 5%

Rates from 1st January 2012

The first time buyer rate is taken away.

• Up to £125,000 - 0%
• Over £125,000 and under £250,000 - 1%
• Over £250,000 and under £500,000 - 3%
• Over £500,000 and under £1,000,000 - 4%
• Over £1,000,000 - 5%

These Rates were announced in the budget 2010, but a change in government could see changes in the future.