Book a Property Valuation Autumn Budget Stamp Duty Changes

Autumn Budget Stamp Duty Changes

 

 

Autumn Budget Stamp Duty Changes

 

On 22nd November it was announced that Stamp Duty is to be abolished for all first-time buyers purchasing property of a value of £300,000 or less.

 

What are the Stamp Duty changes?

From immediate effect, stamp duty will be removed for all first-time buyers purchasing property for £300,000 or less. What's more for first-time buyers purchasing property priced up to £500,000 they will only pay stamp duty on the difference.

From 22nd November 2017 the new stamp duty bands and rates will be as follows:

Price Range

SDLT Rate

£0 - 300,000

0%

£300,001-500,000

5%

 

Normal Stamp Duty rates

If you're a first-time buyer and you purchase a property over £500,000, Stamp Duty will be applied at the normal rate:

Price Range

SDLT Rate

£0 - 125,000

0%

£125,001-250,000

2%

£250,001-925,000

5%

£925,001-1,500,000

10%

£1,500,001+

12%

These rates are applied proportionately.

Stamp Duty Calculator

For further information on Stamp Duty Land Tax please visit https://www.gov.uk/stamp-duty-land-tax for more information.

 

 

 

22 /11/2017

Autumn Budget Stamp Duty Changes

by Payne & Co
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