Wednesday, December 10th, 2014
The stamp duty rates you pay when buying a property vary from 0% to 12%, depending on the value of the property are now tiered. Many properties have struggled to break the previous £250,000 and £500,000 bands due to the huge leap in tax but now the tax payable is much fairer these properties may creep up in value.
As of 4 December 2014, stamp duty rates are changing - and the amount you pay will be tiered, like income tax.
In simple terms, you won't pay any stamp duty on the first £125,000. You'll then pay 2% on the portion up to £250,000, and 5% on the portion up to £925,000. Between that point and £1.5 million, it's 10% - then 12% on anything over £1.5 million.
The new stamp duty rates are set out in the table below. You can scroll down for an example of how it works.
New Stamp duty rates
The table below shows the new stamp duty rates, which are valid from 4 December 2014.
Stamp duty rates
Purchase price of property% paid on the part of the property price within each tax band
Is stamp duty payable on fixtures and fittings?
No, stamp duty is not payable on things like domestic appliances (washing machines, dishwashers etc), carpets, curtains and furniture.
Please contact KLC Solicitors of Penarth and Cardiff for your Conveyancing needs
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