As you are no doubt aware the Chancellor has made changes to the rate of Stamp Duty charged on a property purchase in his autumn statement. The highlighted points are:
- No Stamp Duty payable on properties up to £125,000
- On ALL properties the first £125,000 will be free from Stamp Duty
- Any amount over £125,000 up to £250,000 will incur a 2% charge
- Charge of 5% incurred up to a sale price of £925,000
- Charge of 10% incurred up to a sale price of £1.5 million
- Then payable at 12% on any amount over this amount
Click here to see a useful calculation table which shows what you would have paid on the old system and what will be paid now.
The government claim that this will help 98% of home buyers but we will wait and see on that one!
Keep an eye on our blog for further information.
Click here for more information on the Autumn Statement