Toggle menu

 

jezzards property search
03330 433 633
Lines open 24 hours

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


Author

Jezzards Estate Agents


Categories


 

 

Jezzards properties Hampton

What our clients say about us

  • " Rated high with very good reason. Great customer service, pricing thoroughly researched for both buyer and same, no hard sale, professionalism from all members of staff exceptionally high, as was the photographer who took photographs of my property. I felt I could trust them, Victoria listened to personal concerns and was able to assuage fears drawing on years of personal experience. Quick to respond to queries on different communication platforms. They are a team to be strongly recommended. Sales team are extremely respectful, and were keen to find out as much about my property as they could. "

    Anne, Hampton October 2019
  • " I've dealt with some horrible agencies whilst renting in the past but I am glad we had Jezzards as our last. Didn't know that someone so professional and understanding and true to it's word existed in the business. I locked myself out once and they were there in  20 mins to assist. Heating stopped in the night and their out of hours assistance helped sort us out. Any problems or issues, were very promptly and effectively dealt with...I didn't even have to chase them. Our exit was quick, refunds took some time due to overlooked issues, which Victoria Jezzard looked into personally, and all done in 3 days. Dorathy was our handler and she was ace!! "

    Lorraine September 2019
  • " Gary Watson was our first point of contact. He reached out to us quickly and did everything he could to make sure things were dealt with smoothly- which we really appreciated. Since then every dealing with Jezzards has been efficient and no fuss- great. "

    Anonymous September 2019
  • " Jezzards give me peace of mind and support knowing that keeping my tenants happy and comfortable. In particular, their property management team (specifically, Dorothy) are always so open, clear, kind and accessible. I think they offer great value for money and I thoroughly recommend them. "

    Astan August 2019
  • " Everybody at Jezzards Estate Agents, Surbiton was very patient and sympathetic to our needs as non-residents looking to buy in a completely new area. We were provided with maps and advised on the layout of the town and nearby areas. We would particularly like to thank Gaj Murali for showing us round various properties in the pouring rain and taking a personal interest in helping us find the right property. Thank you Gaj. "

    Anonymous August 2019
 
model