Today George Osborne, Chancellor of the Exchequer, has made a major announcement outlining new changes for residential stamp duty in the UK, effective from midnight tonight.
You have to pay Stamp Duty Land Tax (SDLT) if you buy a property over a certain price in the UK. This is charged on all purchases of houses, flats, land and buildings.
At Up Estates we are excited to pass on the good news about these changes as many people will now save money on the amount of Stamp Duty they will be required to pay.
The amount of stamp duty that you are required to pay on a residential property is based on the below table
|Purchase price of property||Rate of SDLT (percentage of portion of purchase price)|
|£0 - £125,000||0%|
|£125,001 - £250,000||2%|
|£250,001 - £925,000||5%|
|£925,001 - £1.5 million||10%|
|Over £1.5 million||12%|
See the below table to see the positive change this could mean for you and the savings that this now provides.
|Purchase Price||New Stamp Duty||Old Stamp Duty||Total Saving|
To help you calculate the amount of stamp duty you will need to pay on your purchase we have provided a link below to the new calculator.
If you have any questions about Stamp Duty and how this will effect you then please do get in touch on 0333 577 0280