Stamp Duty Rates

Stamp Duty Rates

 

What are the new Stamp Duty Rates? 

Following the Chancellors Autumn statement in December 2014 the old Stamp duty rate system has been replaced with a more ‘progressive’ system. Calculating your stamp duty rate is still dependent upon the value of your property. However, the rate is now incremental as opposed to a single standard rate as used previously. Properties of a value under £125,000 are exempt from Stamp Duty (*unless it is a second home or buy to let).

Stamp duty in the UK is now calculated by the following system:

  • If your property is worth under £125,000, you pay nothing
  • If your property is worth between £125,000 and £250,000, you pay 2%
  • On properties worth above £250,000, you pay 5%

To calculate how the new Stamp Duty Rates affect you, use our calculator below 

The system in Scotland is different, instead of stamp duty, you are required to pay ‘Land and Buildings Transaction Tax’

Land and Buildings Transaction Tax is calculated as follows:

  • If your property is worth under £145,000, you pay nothing
  • If your property is worth between £145,000 and £250,000, you pay 2%
  • If your property is worth over £250,000, you pay 5%
  • If your property is worth over £500,00, you pay 15%

 

To find out how much you can save simply use our stamp duty calculator. Or call us today on 01625 599 200 to discuss how we can assist you
*Second homes or buy to let properties valued at over £40,000 incur an additional 3% charge