Whether you are a buyer or seller (or both!), the recent announcement of the new Stamp Duty Land Tax (SDLT) system is unlikely to have passed you by.
The government’s reform of the ‘slab style’ system to one that it is fairer and more progressive, effective from 4 December 2014, was welcome news to most. Under the new system anyone buying a home costing under £937,000 should pay less or the same SDLT.
However, the new system is not just helping buyers. Since the reform we have already agreed sales on two properties which we feel have directly benefited from the new rules. Both properties had sales agreed just over the previously tricky thresholds of £250,000 and £500,000, showing that there is now less of a barrier at these levels resulting in the sellers achieving a better price and the buyers paying less tax.
To find out the tax payable on your property purchase, enter the proposed purchase price into the Stamp Duty Land Tax calculator.