Chancellor Rachel Reeves has asked Treasury officials to analyse the potential for a national property tax, deemed the “mansion tax”, which would replace stamp duty on owner-occupied homes of high value.
Here, The i Paper takes a look at how stamp duty tax in the UK compares with other countries.
Stamp duty raised £11.6bn for the government in the 2023-2024 financial year.
In the US, taxes are imposed at a local level, and support local services such as schools and roads. This differs to the UK where levies contribute to the government’s revenue. On average, American homeowners are expected to pay around 0.8 per cent to 1.1 per cent of their property’s determined value each year.
Stamp Duty rates
If you already own a property valued at £40,000 or more, you must pay an additional rate to that on your first property.
Exemptions for first-time buyers
First-time home buyers benefit from different thresholds in value of houses in a bid to encourage purchases of UK homes.
A similar model of assistance to first time buyers is seen in Italy, while Portugal implemented levy exemptions for first-time buyers who were up to the age of 35 years-old last year. Certain regions of Australia offer an equivalent of stamp duty relief, while France implements a 0.7 per cent charge plus VAT on new builds.
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