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Changes To Stamp Duty Explained

Posted on Thursday 11th December, 2014

Last week George Osborne scrapped the old stamp duty system, no doubt bringing financial relief too many house buyers struggling to get on the ladder.

The changes kicked in on December 4th, abolishing the former single slab rate system. It applies to anyone who’s yet to buy, including people who might have exchanged but yet to complete.

Buyers only pay the rate of tax on the part of the property price in each tax band. Previously they had to pay tax at a single rate for the whole property price.

Properties under £125,000 are now stamp duty free. If you buy a property over this amount, you pay no stamp duty for the first £125,000. Like income tax.

Let’s say you’re buying a home for £185,000. Instead of paying 1% on the whole price (£1,850), as per the old system, you now pay 2% on the remaining £60,000, which is £1,200.

The reforms will make a difference for everyone buying a home for under £937,500. But if you’ve got your eye on a place over £1m, you won’t benefit.

If you need to discuss further please give us a ring 0800 970 1795

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