Stamp Duty Land Tax Reform
Chancellor George Osborne has announced reforms to Stamp Duty in his Autumn Statement.
Stamp duty reform is set to save money for 98% of homebuyers and represent a total tax cut of £800m a year.
The property industry has been calling for reforms on the Stamp Duty Land Tax (SDLT) for years as it creates thresholds that prevent people for wanting to buy or sell at particular prices. This year Scotland introduced a new system similar to the way income tax is levied and now, as of midnight tonight (03/12/2014), it’s our turn!
There will be no stamp duty on properties worth up to £125,000 then 2% rate on the portion up to £250,000 then 5% up to £925,000, then 10% up to £1.5m. The top rate is now 12% on properties worth more than £1.5m.
Any buyers who have exchanged contracts but not completed by midnight will be able to choose whether to pay under the old system or the new.
** The HMRC has kindly launched an online calculator to help you calculate what Stamp Duty you will now need to pay… link.
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