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: