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WHAT CHANGES TO STAMP DUTY MEAN FOR YOU

In George Osborne’s Autumn Statement he announced dramatic reforms to stamp duty. As of today stamp duty has been lowered for many properties, wiped out completely for homes under a certain value and increased for those over £2.1m

Yesterday, the chancellor announced cuts to stamp duty for 98% of home owners in his Autumn Statement. The change applies to you if you are buying a home in the UK for over £125,000. Below, a chart from the HM Treasury highlights how the new prices will effect your property. 

If you have already exchanged on your property, you have a choice about whether to use the old or new rules. If you are completing your sale on and after 4 December 2014 you will pay stamp duty under the new rules. If you completed your sale on or before 3 December but have not yet filed your stamp duty return, you still have to pay stamp duty under the old rules. If you exchanged on your contract before 4 December 2014  but complete on or after that date you’ll be able to choose whether the old or new rules apply. In the majority of cases you’ll pay less tax under the new rules. For more details visit HM Treasury

How changes to stamp duty will affect you?Source: HM Treasury

 

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