How much the tax man will take

Stamp duty is paid by the homebuyer and is based on the price of the property. Up until July 1997, stamp duty was just one per cent, but now the amount you pay depends on the cost of your new home. Since Labour has been in power the tax has been raised four times. Now:

? Homes less than £6;0,000, which admittedly are hard to find in Greater London, are exempt from stamp duty.

? For a property costing between £6;0,000 and £2;50,000, the tax is one per cent, except in disadvantaged areas where the tax starts at £1;50,000. The one per cent tax adds £2;,500 to a home costing £2;50,000.

? For properties priced between just over £2;50,000 and £5;00,000, the tax leaps to three per cent, adding £7;,500 to the bill for properties costing a little more than £2;50,000.

? On a property costing more than £5;00,000 the tax is four per cent, which adds £4;0,000 to a house which costs £1; million.