You’ll probably be aware by now of the changes in the Stamp Duty … Great news at last.
You may want to know what this means to you when you’re buying or selling your property ….
The new stamp duty taxes on property purchases have been revised so they are calculated more like an income tax, with new rates payable only on the portion of the total value which falls within each band.
In a nutshell, this means that 98% of people in the UK who pay stamp duty will be better off. The radical change means that someone buying a family home with a typical price tag of £275,000 will save £4,500 compared with the current rules, although those buying very high-end properties will see their bills increase.
Anyone buying a home for less than £937,500 will either pay less stamp duty or the same amount under the new rules, the Treasury reported.
The Office for Budget Responsibility (OBR), expects the new stamp duty tax to trigger a small upward creep in property prices and sales of homes worth up to the £937,500 tipping point, and a small decrease in prices above the tipping point amount.
Please feel free to contact to discuss how much the new tax changes will save you! Call us on 01452 500025, we’d be more than happy to help.