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Dunderdale Asquith - News- Stamp Duty Land Tax Changes From 4th December 2014
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Dunderdale Asquith - News- Stamp Duty Land Tax Changes From 4th December 2014

Stamp Duty Land Tax Changes From 4th December 2014

Date Added 08/12/2014

You have to pay Stamp Duty Land Tax (SDLT) if you buy a property in the UK over a certain price. This is charged on all purchases of houses, flats and other land and buildings. From 4th December 2014 the new rates are as follows:

Up to £125,000 Zero
Over £125,000 to £250,000 2%
Over £250,000 to £925,000 5%
Over £925,000 to £1.5 million 10%
Over £1.5 million 12%

E.g. A buyer who exchanges contracts for the purchase of a property for £275,000 on the 5th December 2014, with a completion expected to be in February 2015. Under the new rules the SDLT is calculated as follows:

0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £25,000 = £1,250
Total SDLT payable = £3,750

**Under the old rules the SDLT would have been £8250.00, with the new rules the purchaser will pay only £3,750 saving £4,500**
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