Finally, some positive news for home buyers! Yesterday, the Chancellor announced in his Autumn Statement that 98% of people would be better off when buying a home, following his stamp duty reforms which came into effect on 4th December.
The current system, where the amount owed jumps at each threshold level, will be replaced by a graduated rate, working in a similar way to income tax. This means that if you are planning to buy a home, for the majority of buyers the amount of stamp duty you need to pay will be significantly less. Just think what you could do with that extra money!
What are the new rules?
Under the new rules, no tax will be paid on the first £125,000 of a property, followed by 2% on the portion up to £250,000, 5% on the portion between £250,000 and £925,000, 10% on the next bit up to £1.5 million and 12% on everything over that.
For example: buying a property worth £260k equates to a huge saving of £4800 on stamp duty and a property worth £400k means you’ll pay £2,000 less under the new rules.
Want to know how much you could save on stamp duty?
At haart, we’ve helped to clarify the new rules for you and have worked out how much you will save for a variety of property values, click here to see more.
If you want to know more about our excellent customer service, outstanding marketing and superb support through the house buying process, please call us on 0845 899 9999 from 8am to 10pm – or visit the team at your local haart branch.
haart are providing this SDLT (stamp duty) calculator in good faith to assist our clients in assessing the cost of their intended property purchase and for general illustrative purposes only. The calculator is not intended to provide formal advice. Before agreeing to purchase a property you should ensure that you have received and rely on formal advice on SDLT from a duly qualified person such as your conveyancer or accountant.