Newsflash – New Stamp Duty Details

December 2014

New Stamp Duty from 4th December 2014

Calculating Stamp Duty Land Tax on Residential Purchases will now be a minimum of a stepped process.

The first £125,000.00 of the price paid is exempt.
The next amount between £125,000.00 and £250,000.00 is charged at 2% of the difference.
The next amount between £250,000.00 and £925,000.00 is charged at 5% of the difference.
There is then a band between £925,000.00 and £1,500,000.00 charged at 10% of difference.
Finally there is a band for over £1,500,000.00 is charge at 12% of the difference.

For example, a purchase of £325,000.00

The first £125,000.00 – NIL
The next £125,000.00 – 2% – £2,5000.00
The next £75,000.00 – 5% – £3,750.00
Total Price £325,000.00 – Stamp Duty – £6,250.00

If you are instructing Brain Chase Coles on your residential purchase, we will calculate the new duty payable for you.

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