The Government have announced some good news this week regarding Stamp Duty Land Tax changes which are effective immediately.
Previously stamp Duty previously was payable on everything over £125,000.
The headline rates are:
|Property or lease premium or transfer value||SDLT rate|
|Up to £250,000||Zero|
|(the next £675,000 (the portion from £250,001 to £925,000)||5%|
|The next £575,000 (the portion from £925,001 to £1.5 million)||10%|
|The remaining amount (the portion above £1.5 million)||12%|
Full guidance at: https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
In addition, the First-Time Buyer limit has been raised to £425,000.00.
Please note that the above rates do not alter the Higher Stamp Duty Land Tax rates (if applicable), if people own more than one residential property at the date of completion. The rates above also do not apply if you they are a non-UK resident (i.e., living or staying outside of the UK). Please contact one of our conveyancing team for further information on your personal circumstances.