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Stamp duty reforms in the Autumn Statement
Following the Autumn Statement yesterday, the government announced it is overhauling the stamp duty land tax (SDLT), which will see millions of homebuyers benefit from a reduced tax bill with immediate effect.
Chris Hamilton, Managing Director of Martin Grant Homes, said: “The changes to SDLT will certainly help to give the housing market a push in the right direction. These reforms are long overdue and, although there will be losers at the top end of the market, the vast majority will benefit from the lower tax as a result. It will certainly make it easier for first-time buyers and struggling families to get onto the housing ladder as they will need to set
aside less money for stamp duty and increase their deposit.”
Stamp duty on a £275,000 property will now be £3,750, a saving of £4,500.
Stamp duty on a £525,000 property will now be £16,250, a saving of £4,750.
Stamp duty on a £1,200,000 property will now be £63,750, an increase of £3,750.
The move is designed to help those people purchasing property in the middle market and will cut the costs for around 98% of home buyers.
The new rates are to be paid only on the part of the property price within each tax band and are as follows:
0% on the first £125,000 paid
2% on properties costing between £125,001 and £250,000
5% on properties costing between £250,001 and £925,000
10% on properties costing between £925,001 and £1,500,000
12% on properties costing £1,500,001 and over.
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