When looking to move home you may feel overwhelmed with all of the information and legal jargon you need to understand. The Stamp Duty guidelines have changed dramatically over the last year following the Chancellor’s Autumn Statement in December 2014.
To make the system clear we have laid out the facts for you…
Stamp Duty Land Tax is charged on land or property transactions in the UK. This tax ONLY applies to the buyer and NOT the seller. There are varying thresholds as follows:
If you buy a house for £275,000, the SDLT you owe 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 = £3,750
For further information on Stamp Duty, please call your local Naylor Powell branch.
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