Massive stamp duty changes!! In place midnight tonight

SerialRenter

here's a very untidy excel formula that i just chucked together to show how much the stamp duty will cost on any home.

Put the house price in the Cell A1

=IF(AND(A1>=125000,A1<250000),(A1-125000)*2%,IF(A1>=250000,2500,0))+IF(AND(A1>=250000,A1<925000),(A1-250000)*5%,IF(A1>=925000,33750,0))+IF(AND(A1>=925000,A1<1500000),(A1-925000)*10%,IF(A1>=1500000,57500,0))+IF(A1>=1500000,(A1-1500000)*12%,0)

House price ....Stamp Duty
£50,000..........£-
£100,000.........£-
£150,000.........£500
£200,000.........£1,500
£250,000.........£2,500
£300,000.........£5,000
£350,000.........£7,500
£400,000.........£10,000
£450,000.........£12,500
£500,000.........£15,000
£550,000.........£17,500
£600,000.........£20,000
£650,000.........£22,500
£700,000.........£25,000
£750,000.........£27,500
£800,000.........£30,000
£850,000.........£32,500
£900,000.........£35,000
£950,000.........£38,750
£1,000,000......£43,750
£1,050,000......£48,750
£1,100,000......£53,750
£1,150,000......£58,750
£1,200,000......£63,750
£1,250,000......£68,750
£1,300,000......£73,750
£1,350,000......£78,750
£1,400,000......£83,750
£1,450,000......£88,750
£1,500,000......£93,750

Edited values to be inline with the hmrc calculator:
Value...........................................Percentage.....max cost
Up to 125,000................................0%...............£0
Above 125,000 and up to £250,000....2%...............£2,500
Above 250,000 and up to 925,000......5%...............£33,750
Above 925,000 and up to 1,500,000 ..10%..............£57,500
Above 1,500,000+..........................12%..............£infinite

pinkteapot

Or, use HMRC's online calculator....

http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm

mouthscradle

Solicitor is saying the info is sketchy so he can't confirm whether the choice applies to us or not. He's going to look into it and find out. I really hope I don't have to argue this lol.

jane9450

Same here
Completed last Friday so would have saved us around £2k

DTDfanBoy

Wouldn't you be in a filthy mood if you completed this morning :eek:

SerialRenter

pinkteapot wrote: »

Or, use HMRC's online calculator....

http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm

That would be far too easy

I guess it's useful for people who manage everything with an excel sheet... like me!

pinkteapot

The huge thing about this news is that it will stop the ridiculous breaks in the market, where you couldn't previously sell anything at £250-270k or £500-525k, because of the sudden leap in stamp duty.

Now that it's progressive (like income tax), all prices are open.

blawford

Due to complete on a £300k purchase on Friday, a week later than we originally had been pushing for!

DRP

DTDfanBoy wrote: »

Wouldn't you be in a filthy mood if you completed this morning :eek:

i read that those completing today can choose which sdlt formula to use. :beer:

laurathree

Wow. We're currently buying a flat in London for £207,000 - our stamp duty will be going down from £2070 to £1640, saving us £430. That will cover our solicitors fees!

First time I've ever felt a direct effect from a budget. Thank god - the system so desperately needed overhauling.