During his Autumn Statement George Osborne outlined major changes to how SDLT (Stamp Duty Land Tax) is charged on residential property purchases in England and Wales.
As from mid-night on 4 December 2014 stamp duty land tax is no longer charged at a flat rate dependent upon the total property value. The new SDLT is charged at different rates depending on the portion of the property purchase price that falls within the rate band. Different percentage rates are applied to the relevant portion of the property’s value.
|Purchase price of property||Rate of SDLT (percentage of portion of purchase price)|
|£0 – £125,000||0%|
|£125,001 – £250,000||2%|
|£250,001 – £925,000||5%|
|£925,001 – £1.5m||10%|
If you would like to discuss the impact of SDLT on any residential property transactions that you are currently considering or completing please contact our property team on 020 7330 0000.