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Comments
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The gov.uk site has been updated with the new rates.
Property or lease premium or transfer value SDLT rate Up to £250,000 Zero 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% 1 -
New rates on the gov website ...the 2% band has gone.
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
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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 250K0
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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.2 -
We are in between exchange and completion, so will be paying £2,500 less in tax ...will pay for our removal company.0
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housebuyer143 said: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.
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TonyMMM said:New rates on the gov website ...the 2% band has gone.
https://www.gov.uk/stamp-duty-land-tax/residential-property-rates0 -
What are the chances of these changes being reflected in Wales and Scotland?0
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ahon2010 said:What are the chances of these changes being reflected in Wales and Scotland?
Wales seems to pay some of the highest rates in the UK and no FTB relief.0
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