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BUYING A HOME NOW CHEAPER FOR 98% OF TRANSACTIONS.

BUYING A HOME NOW CHEAPER FOR 98% OF TRANSACTIONS.

Following the Chancellor’s Autumn statement of 3rdDecember 2014, immediate changes to Stamp Duty Land Tax (SDLT) have been implemented.

Stamp Duty is a Government levy paid by the purchaser assessed on the value of a property being sold. The following rates apply from 4th December 2014

  • 0% for properties sold for up to £125,000
  • 2% on the portion up to £250,000 
  • 5% on the portion up to £925,000
  • 10% on the portion up to £1.5 million
  • 12% on the portion above that amount

This is a change from the way in which SDLT has previously been paid as the duty is now calculated on a sliding scale rather than on the total price within a certain band.

Government say that this change to the system will reduce the duty payable for 98% of UK property transactions.

Calculate the duty payable here:

http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm



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