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As of midnight December 4th 2014, chancellor George Osborne made changes to the stamp duty land tax, which means a reduction in cost for 98% of us, only the highest value property purchasers will pay more.

The old system meant you paid a fixed percentage on the whole amount, whereas the new system is tapered;

  • No Tax on the first £125,000
  • 2% £125,001 - £250,000
  • 5% £250,001 - £925,000
  • 10% £925,001 - £1.5million
  • 12% on any amount over £1.5million

With the old system someone buying a property for £200,000 would have paid 1% on the whole amount (£2,000), with the new system you pay no tax on the first £125,000 and 2% on the remaining £75,000 (£1500) meaning a saving of £500. Generally it's good news for the majority and it will certainly help first time buyers get on the property ladder, but how does it effect us locally.

Please note:

Following the announcement in November 2017 Budget, if you are a first-time buyer:
You will no longer pay Stamp Duty on the first £300,000 on property purchases valued up to £500,000. Between £300,000 and £500,000 the standard rate of 5% will apply. If the purchase value is over £500,000 this exemption will not apply & standard rates of Stamp Duty apply. This change applies to buyers in England, Wales and Northern Ireland.

We will be updating the tool to reflect the new policy on Stamp Duty in the coming days.


Recalculate Stamp Duty Amount

Total SDLT due

Below is a breakdown of how the total amount of SDLT was calculated.

Up to £125k(Percentage rate 0 %)

Above £125k and up to £250k (Percentage rate 2 %)

Above £250k and up to £925k (Percentage rate 5 %)

Above £925k and up to £1.5m (Percentage rate 10 %)

Above £1.5m (Percentage rate 12 %)

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