Major changes to stamp duty land tax (SDLT) were announced in the Chancellor's Autumn Statement on 3 December 2014.
Stamp duty has been reformed from the slab system (where you'd pay a single rate on the entire property price) to a proportional approach. As a general rule, if your purchase price is under £937,500 you will be the same or better off under the new regime, and any purchases above that figure will be worse off.
SDLT rates from 4 December 2014
Up to £125,000 - 0%
£125,000.01 - £250,000 - 2%
£250,000.01 - £925,000 - 5%
£925,000.01 - £1,500,000 - 10%
£1,500,000.01 + - 12%
To find out how much you'd pay in Stamp Duty you can use this calculator
Stamp Duty Calculator >>
To find out more information, please contact a member of our either our Residential Property or Commercial Property Teams.