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Stamp duty overhaul

245

Comments

  • racing_blue
    racing_blue Posts: 961 Forumite
    Punched it into Excel:

    cost old SDLT new SDLT difference
    100000 0 0 0
    200000 2000 1500 -500
    300000 9000 5000 -4000
    400000 12000 10000 -2000
    500000 20000 15000 -5000
    600000 24000 20000 -4000
    700000 28000 25000 -3000
    800000 32000 30000 -2000
    900000 36000 35000 -1000
    1000000 50000 43750 -6250
    1100000 55000 53750 -1250
    1200000 60000 63750 3750
    1300000 65000 73750 8750
    1400000 70000 83750 13750
    1500000 75000 93750 18750
    1600000 80000 105750 25750
    1700000 85000 117750 32750
    1800000 90000 129750 39750
    1900000 95000 141750 46750
    2000000 140000 153750 13750

    By my calculation the person who stands to gain most from these changes is someone buying a house costing precisely one million British pounds. Expect the papers will have a field day with that one.
  • BlaEm
    BlaEm Posts: 213 Forumite
    paul87 wrote: »
    We are due to complete our house purchase tomorrow. Are we eligible for this change. Would be gutted to miss out on this....?

    Confirm with your solicitor, but the answer according to HMRC is yes! Effective date of transaction = completion, effective date of this change is 00:00 tonight!

    I'm in a similar position as I'm completing on Friday - happy days :)
  • Lord_Baltimore
    Lord_Baltimore Posts: 1,348 Forumite
    paul87 wrote: »
    Cheers.

    Just trying to confirm with solicitor!

    Considering the house purchase was £295k we could be looking at saving over £4k!

    Nice one. George is going to expect your vote for that little Christmas bonus :D
    Mornië utulië
  • phoenix_w
    phoenix_w Posts: 418 Forumite
    Ninth Anniversary Combo Breaker
    Absolutely gutted - we completed last month and really could have done with saving a bit of cash!

    Congratulations to all those completing tomorrow and afterwards, though!
  • paul87
    paul87 Posts: 11 Forumite
    BlaEm wrote: »
    Confirm with your solicitor, but the answer according to HMRC is yes! Effective date of transaction = completion, effective date of this change is 00:00 tonight!

    I'm in a similar position as I'm completing on Friday - happy days :)

    It could not have come at a better time for us :beer:
  • higgins23
    higgins23 Posts: 28 Forumite
    Woohoo

    Just spoke with mortage advisor and he confirmed a reduction and saving of £510. Happy days
  • brett84n
    brett84n Posts: 44 Forumite
    I save £0.00 :(
  • System
    System Posts: 178,376 Community Admin
    10,000 Posts Photogenic Name Dropper
    Long overdue, it was always one of the silliest tax systems. Pay 1p over 250k and it costs you an extra 5k in tax? I'm surprised it got through in the first place.
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • lovinituk
    lovinituk Posts: 5,711 Forumite
    1,000 Posts Combo Breaker
    racing_blue wrote: »
    Punched it into Excel:

    cost old SDLT new SDLT difference
    100000 0 0 0
    200000 2000 1500 -500
    300000 9000 5000 -4000
    400000 12000 10000 -2000
    500000 20000 15000 -5000
    600000 24000 20000 -4000
    700000 28000 25000 -3000
    800000 32000 30000 -2000
    900000 36000 35000 -1000
    1000000 50000 43750 -6250
    1100000 55000 53750 -1250
    1200000 60000 63750 3750
    1300000 65000 73750 8750
    1400000 70000 83750 13750
    1500000 75000 93750 18750
    1600000 80000 105750 25750
    1700000 85000 117750 32750
    1800000 90000 129750 39750
    1900000 95000 141750 46750
    2000000 140000 153750 13750

    By my calculation the person who stands to gain most from these changes is someone buying a house costing precisely one million British pounds. Expect the papers will have a field day with that one.
    You've done something wrong there. The calculator shows a £1m purchase was £40,000 and will now be £43,750. So its +£3750, not - £6250.

    http://www.hmrc.gov.uk/tools/sdlt/land-property-results.htm?dates_Transaction=31%2F12%2F2014&moneyResidential=1000000&moneyNonResidential=0
  • kaya
    kaya Posts: 2,465 Forumite
    Part of the Furniture Combo Breaker
    We saved £300, our buyer saved £5000
This discussion has been closed.
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