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Property tax is a major headache when buying and selling a home, adding to the cost for the buyer, eating into the vendor’s profits, or both.

There are several types of property tax – including capital gains tax on any increase in value since you bought your home – but one of the main taxes encountered by many buyers is stamp duty.

Stamp duty is charged on all property sales of more than £125,000 – but just what percentage of transactions does that include?

Figures from the Bank of Scotland show that, across the UK as a whole, less than half of properties – just 45% – fall below the stamp duty threshold of £125,000.

This leaves the majority of all residential buyers with at least some property tax to pay.

However, this percentage is skewed by areas like Greater London, where 6% of all residential properties are sold for more than £500,000.

In the north-west, you are far less likely to have to pay stamp duty – in fact, 67% of transactions fall below the £125,000 threshold.

For more property tax advice, speak to our Manchester accountants, and find out what you will have to pay on your next transaction.