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Stamp Duty Cut

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Comments

  • The gov.uk site has been updated with the new rates. 

    Property or lease premium or transfer valueSDLT rate
    Up to £250,000Zero
    The next £675,000 (the portion from £250,001 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%
  • TonyMMM
    TonyMMM Posts: 3,376
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    edited 23 September 2022 at 9:17AM
    New rates on the gov website ...the 2% band has gone. 

    https://www.gov.uk/stamp-duty-land-tax/residential-property-rates




  • Due to complete in 3 weeks at £476,000 so stamp duty was £13,800 I can only assume they have scrapped the 2% threshold and the 5% will remain so I'll pocket £2,500 worst case and maybe more if they change the % after 250K
  • DragonQ
    DragonQ Posts: 2,193
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    Adam16 said:
    Betting the same rates will stay in - everything after 250K will be 5%

    In the absence of any other info, this makes the most sense. So basically a £2.5k saving for anyone buying a property over £250k.
  • What I don't understand is why they are doing this. 
    BoE are trying desperately to reduce inflation and Truss is cutting taxes are potentially increasing it. 
    The NI reversal is just strange. Everyone was on board and Social care desperately needs the money, but now they are going to what, fund it through borrowing...
    It's all very strange indeed.
  • TonyMMM
    TonyMMM Posts: 3,376
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    We are in between exchange and completion, so will be paying £2,500 less in tax ...will pay for our removal company.
  • DragonQ
    DragonQ Posts: 2,193
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    What I don't understand is why they are doing this. 
    BoE are trying desperately to reduce inflation and Truss is cutting taxes are potentially increasing it. 
    The NI reversal is just strange. Everyone was on board and Social care desperately needs the money, but now they are going to what, fund it through borrowing...
    It's all very strange indeed.
    Because they have no idea what they're doing. Bankers bonuses are clearly what's holding the economy back, didn't you hear?
  • TonyMMM said:
    New rates on the gov website ...the 2% band has gone. 

    https://www.gov.uk/stamp-duty-land-tax/residential-property-rates




    Thanks I just save £5,000!!! :D
  • What are the chances of these changes being reflected in Wales and Scotland?
  • ahon2010 said:
    What are the chances of these changes being reflected in Wales and Scotland?
    Who knows, if they do it will be not be as generous that's for sure. 
    Wales seems to pay some of the highest rates in the UK and no FTB relief. 
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