Gatehouse estates

New Stamp Duty rates from Dec. 2015

Great news from the Chancellor yesterday as he announced changes to the stamp duty levels and thresholds from the crazy system that meant for spending £1 more on a property you would pay £5000 more in tax!

So, remember the old thresholds were like this with the % charged on the whole amount. So a purchase at £275,000 would have cost 3% of £275,000, a huge £8250.

New Stamp Duty - Old thresholds

 

Here is the new table of thresholds, this time although the %’s look far more the amount is only charged at that % for that part not the whole amount so a purchase at £275,000 will now cost £3750. The first £125,000 of your purchase is tax free, the next £125,000 is charged at 2% (£2500) and the other £25,000 is charged at 5% (£1,250).

New Stamp Duty 2014

I still like to think that one day I might buy a winning ticket and have £2.5 million to buy a dream house, maybe Common Lane in Hemingford but now the Stamp Duty will be £213,750 instead of £175,000 under the old system.

 

Here is the link to help calculate the amount payable under the new rules from HMRC or if you scroll down we’ve made a chart to help.

www.hmrc.gov.uk/tools/sdlt/land-and-property.htm

Stamp Duty

 

Gatehouse estates
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