What’s standing in the way of downsizing for Gail, 58, from Manchester – who is self-employed and lives with her partner in a five-bed house she would like to swap for a smaller home? “Simply the cost of stamp duty. We live in an expensive area, so downsizing will cost us a lot in stamp duty, far more than we would save by having lower bills.”
In England and Northern Ireland, stamp duty land tax is charged on properties costing more than £250,000, unless you are a first-time buyer. In Wales, its equivalent applies to homes costing more than £225,000, and in Scotland it starts at £145,000. For a property costing £450,000 in England, it means a bill of £10,000 if you are not buying your first home.
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