As part of their Autumn Statement, the Government have announced a change to the way in which Stamp Duty Land Tax is calculated with effect from 4th December 2014.
The changes announce will see around 98% of homebuyers benefit from a saving due to the way the tax is calculated. At present, buyers pay a % based upon the whole purchase price of the property. The reforms will see tax paid as follows:
- Nothing to pay up to £125,000.
- 2% from £125,000 to £250,000.
- 5% from £250,000 to £925,000.
- 10% from £925,000 to £1.5 million.
- 12% over £1.5 million.
HMRC have produced a calculator so you can see what stamp duty you pay based upon the property price.
If you are thinking of buying or selling a property, contact our expert conveyancing team for a no-obligation quote.
We are members of the Law Society’s Conveyancing Quality Scheme.
