Stamp Duty Cut 21 September 2022 at 5:57AM in House buying, renting & selling 70 replies 8.6K views

mojo293

Ah well, it's £1000 I don't have to pay out next week (assuming we complete on my £175k purchase). Every little helps, and it'll go towards some stuff for the new house, now.

Twins

Can somebody please help me figure out if we are eligible for anything from this stamp duty cut, I'm assuming no but just want to confirm.

We are doing a buy to let, renting out our current home and purchasing a new residential property which we will move into.  The new purchase price is £615,000.

Thank you! 

TonyMMM

Twins said:

Can somebody please help me figure out if we are eligible for anything from this stamp duty cut, I'm assuming no but just want to confirm.

We are doing a buy to let, renting out our current home and purchasing a new residential property which we will move into.  The new purchase price is £615,000.

Thank you! 

https://www.gov.uk/guidance/stamp-duty-land-tax-buying-an-additional-residential-property

Should be paying £36,700 ?

SeanG79

Twins said:

Can somebody please help me figure out if we are eligible for anything from this stamp duty cut, I'm assuming no but just want to confirm.

We are doing a buy to let, renting out our current home and purchasing a new residential property which we will move into.  The new purchase price is £615,000.

Thank you! 

Pretty sure you save the £2.5k difference in the increase from £125k-250k

anselld

Jinglish said:

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!!!

Are you buying two properties then?  The max saving is £2500.

Jinglish

anselld said:

Jinglish said:

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!!!

Are you buying two properties then?  The max saving is £2500.

No i put my details in the government calculator in the link above. My stamp duty on £476,000 was £13,800 it now says £8,800 so I make that £5,000 saving.

My mistake below calculator not updated

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

TonyMMM

The calculator on the government site hasn't been updated yet ...check your figures - the max saving should be £2,500

[Deleted User]

If first time buyer it is £8800 as per calculator. 

Jinglish

I justed released the calculator has not been updated and put yes to not owned a property before  

Still £2,500 aint bad 

julicorn

Jinglish said:

anselld said:

Jinglish said:

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!!!

Are you buying two properties then?  The max saving is £2500.

No i put my details in the government calculator in the link above. My stamp duty on £476,000 was £13,800 it now says £8,800 so I make that £5,000 saving.

Use this link: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

That link still only shows the current / old rates for me? 

You should be paying £11,300 stamp duty on your purchase - nothing on the first £250,000, and then 5% on the remaining £226,000 (=£11,300). 



(Did you by any chance just subtract £125,000 from your purchase price and put that number in the calculator? Because that's not how that works.)