Stamp Duty Changes To Benefit Buyers

As of midnight, rather than Stamp Duty Land Tax being paid on the whole purchase price of a property, it will now be applied gradually.

Buyers will still pay nothing on the first £125,000 but will now pay 2% on the portion up to £250,000, 5% on the portion up to £925,000 and 12% on everything above that.

Michelle Thompson, Head of Conveyancing here at Forbes commented, “This is great news for the majority of those buying properties worth more than £125,000 and many people will see savings.”

Previously, a property purchased for £260,000 would have attracted Stamp Duty Land Tax in the sum of £7,800, however under the new system that figure will be reduced to £3,000.  It is welcome news that the Government are easing the burden on home buyers.

The Chancellor, George Osborne estimates 98% of home buyers will benefit.  It is hoped that this will have an impact on the housing market, and assist those people that were struggling, either to get on the property ladder or those seeking to move up the ladder but were hampered by the significant additional cost of paying Stamp Duty Land Tax.

Should you require further information on how this may affect you,  please contact our Domestic Conveyancing team on 01254 222399.

This entry was posted in Property Law.

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