Stamp Duty Exemption

Flugelhorn

oxfordsnotbrogues said:

What happens over £500k? If a house price is £550k for example do you pay on the whole amount or on £50k?

selling at > 500K... just hoping purchasers don't want a price cut now

SamJ35

alexscoines said:

Anybody know what happens after £500k? 

oxfordsnotbrogues said:

What happens over £500k? If a house price is £550k for example do you pay on the whole amount or on £50k?

https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates
5% from 500,001 to 925,000

alexscoines

SamJ35 said:

alexscoines said:

Anybody know what happens after £500k? 

oxfordsnotbrogues said:

What happens over £500k? If a house price is £550k for example do you pay on the whole amount or on £50k?

https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates
5% from 500,001 to 925,000

So is that 5% of the whole amount, or 5% of the difference eg. if £550k, is it 5% of £550 or £50?

jaxkesa

alexscoines said:

SamJ35 said:

alexscoines said:

Anybody know what happens after £500k? 

oxfordsnotbrogues said:

What happens over £500k? If a house price is £550k for example do you pay on the whole amount or on £50k?

https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates
5% from 500,001 to 925,000

So is that 5% of the whole amount, or 5% of the difference eg. if £550k, is it 5% of £550 or £50?

5% of £50k.

Property or lease premium or transfer value	SDLT rate
Up to £500,000	Zero
The next £425,000 (the portion from £500,001 to £925,000)	5%
The next £575,000 (the portion from £925,001 to £1.5 million)	10%
The remaining amount (the portion above £1.5 million)	12%

SamJ35

alexscoines said:

SamJ35 said:

alexscoines said:

Anybody know what happens after £500k? 

oxfordsnotbrogues said:

What happens over £500k? If a house price is £550k for example do you pay on the whole amount or on £50k?

https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates
5% from 500,001 to 925,000

So is that 5% of the whole amount, or 5% of the difference eg. if £550k, is it 5% of £550 or £50?

You only start to pay SDLT on the amount that you pay for the property above £500,000. So on a 550k property, 5% of 50k is £2,500

cheesefish88

The calculator doesn't seem to have been updated yet.

joys1

How about those who own first home but rent it out and are buying a second one to be their main residence?

bravotango

Yep Govt calculator hasn't been updated.

So for my house purchase of £690,000 as a FTB

I will be paying £9,500 instead of £24,500 (Should be 5% of £190,000)

Does that sound right?

SamJ35

bravotango said:

Yep Govt calculator hasn't been updated.

So for my house purchase of £690,000 as a FTB

I will be paying £9,500 instead of £24,500 (Should be 5% of £190,000)

Does that sound right?

Yes 

joys1

Here is the official guidance! Reduction applies for "additional dwellings" too! Will be saving about 12k. https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates