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Mrs Victoria Senior
You can use the following calculator to work out how much you will have to budget.
The calculator works out the Stamp Duty Land Tax (SDLT) you'll have to pay for residential purchases (including lease premium) using new rules effective from 4 December 2014.
In this years Autumn statement, the Chancellor, George Osborne, announced the long-awaited changes to the Stamp Duty Land Tax, payable by buyers of UK property.
This long held cost to buyers has been criticised in the past as not adjusting with the increase in house prices, and was notably harsh to sellers their properties just above specific price points. The previous system distorted the market by making it very unattractive to buy a property for a price just above the stamp duty thresholds of £125,000, £250,000, £500,000, £1m, £2m because the entire value of the purchase was taxed at one rate.
Under the new system, which came into effect at midnight on 4 December, buyers of properties under £937,000 will pay less Stamp Duty than the old system. However, buyers paying over this amount may pay considerably more.
|Purchase Price||Rate of tax payable|
|£0 - £125,000||0%|
|£125,001 - £250,000||2%|
|£250,001 - £925,000||5%|
|£925,001 - £1,500,000||10%|
The chart below compares the old rate to the new schedule applied to the full purchase price of the property, for purchases up to £1m.
From the chart, it can be seen that: