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Changes to Stamp Duty Following the Chancellors Autumn Statement

  04 Dec 2014

Following yesterday’s announcement of the Stamp Duty Land Tax reforms contained within the Chancellors Autumn Statement, estate agents across the country reported a surge of calls from buyers at all levels wanting to know what the changes would mean for them.

Almost before George Osborne had sat down, the announcement triggered an intense wave of activity at estate agents, lawyers, accountants and financial advisors, particularly with property sales  in London, being hurried through to exchange before the clock struck twelve. Buyers of properties priced at between £1.5m and £2m had up to an extra £53,750 at stake – a rise of 54% on their anticipated bills.

The Winners

Those paying less than £937,500 were handed an early Christmas present of they are exchanging from today onwards as they see there Stamp Duty Land Tax bill reduce.

The Losers

Those paying more than £937,500 are the potential losers as they see their Stamp Duty Land Tax bill increase. It was those potential losers and their advisers who were yesterday pressing for exchange by midnight to avoid the increases.

Buyers exchanging before then, regardless of when they complete or how much they are paying, can choose to pay SDLT at either the old or new rate.

From today, the new rates apply on all exchanges.

 The old Stamp Duty Land Tax system:

0% on properties up to £125,000

1% on properties from £125,001 to £250,000

3% on values between £250,001 and £500,000

4% on properties between £500,001 and £1m

5% on properties between £1m and £2m

7% on properties above £2m

 The new Stamp Duty Land Tax System:

No SDLT payable at all on properties up to £125,000

The first £125,000 on properties to be free of SDLT

Then payable at 2% payable on the portion up to £250,000

Payable at 5% on the portion up to £925,000

Payable at 10% on the portion up to £1.5m

Then payable at 12% on the portion over that amount.

 There is a very helpful HMRC calculator here

There is more on the changes on the Government website


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