New Stamp duty

SDLT_Geek

Here is a table of the "standard" residential rates effective beginning 23 September.


If the 3% surcharge applies then there is an extra 3% for each band (so in effect an extra 3% of the whole price is added to the "standard" SDLT).

LHZ

My conveyencer seems to think that anyone buying a second property won't benefit from the recent SDLT changes. I was expecting to save £2,500 based on the disappearance of the 2% duty up to £250k but she seems to think it won't apply to me. I'm buying a £435k property and it won't be my only house.

london21

LHZ said:

My conveyencer seems to think that anyone buying a second property won't benefit from the recent SDLT changes. I was expecting to save £2,500 based on the disappearance of the 2% duty up to £250k but she seems to think it won't apply to me. I'm buying a £435k property and it won't be my only house.

If you completed on or after 23rd of September, UK resident then you will benefit £2500.

Updated calculator

https://www.rightmove.co.uk/stamp-duty-calculator 

LHZ

london21 said:

LHZ said:

My conveyencer seems to think that anyone buying a second property won't benefit from the recent SDLT changes. I was expecting to save £2,500 based on the disappearance of the 2% duty up to £250k but she seems to think it won't apply to me. I'm buying a £435k property and it won't be my only house.

If you completed on or after 23rd of September, UK resident then you will benefit £2500.

Updated calculator

https://www.rightmove.co.uk/stamp-duty-calculator 

Many thanks. I'll pass that on. Every little helps.

Flugelhorn

I certainly got the £2,500 discount during lockdown when buying second property

LHZ

london21 said:

LHZ said:

My conveyencer seems to think that anyone buying a second property won't benefit from the recent SDLT changes. I was expecting to save £2,500 based on the disappearance of the 2% duty up to £250k but she seems to think it won't apply to me. I'm buying a £435k property and it won't be my only house.

If you completed on or after 23rd of September, UK resident then you will benefit £2500.

Updated calculator

https://www.rightmove.co.uk/stamp-duty-calculator 

I've a horrible feeling this calculator isn't correct. I don't think the new 0% sub £250K applies if you own other properties:

 Higher rates of Stamp Duty Land Tax - GOV.UK (www.gov.uk)

Flugelhorn

LHZ said:

london21 said:

LHZ said:

My conveyencer seems to think that anyone buying a second property won't benefit from the recent SDLT changes. I was expecting to save £2,500 based on the disappearance of the 2% duty up to £250k but she seems to think it won't apply to me. I'm buying a £435k property and it won't be my only house.

If you completed on or after 23rd of September, UK resident then you will benefit £2500.

Updated calculator

https://www.rightmove.co.uk/stamp-duty-calculator 

I've a horrible feeling this calculator isn't correct. I don't think the new 0% sub £250K applies if you own other properties:

 Higher rates of Stamp Duty Land Tax - GOV.UK (www.gov.uk)

It does apply - you pay 3% on the lot + the residential rate which starts at 250K

so below 250K you pay "just" the 3% 

"

The higher rates

The higher rates from 23 September 2022

Property or lease premium or transfer value	SDLT rate
Up to £250,000	3%
The next £675,000 (the portion from £250,001 to £925,000)	8%
The next £575,000 (the portion from £925,001 to £1.5 million)	13%
The remaining amount (the portion above £1.5 million)	15%

LHZ

Flugelhorn said:

LHZ said:

london21 said:

LHZ said:

My conveyencer seems to think that anyone buying a second property won't benefit from the recent SDLT changes. I was expecting to save £2,500 based on the disappearance of the 2% duty up to £250k but she seems to think it won't apply to me. I'm buying a £435k property and it won't be my only house.

If you completed on or after 23rd of September, UK resident then you will benefit £2500.

Updated calculator

https://www.rightmove.co.uk/stamp-duty-calculator 

I've a horrible feeling this calculator isn't correct. I don't think the new 0% sub £250K applies if you own other properties:

 Higher rates of Stamp Duty Land Tax - GOV.UK (www.gov.uk)

It does apply - you pay 3% on the lot + the residential rate which starts at 250K

so below 250K you pay "just" the 3% 

"

The higher rates

The higher rates from 23 September 2022

Property or lease premium or transfer value	SDLT rate
Up to £250,000	3%
The next £675,000 (the portion from £250,001 to £925,000)	8%
The next £575,000 (the portion from £925,001 to £1.5 million)	13%
The remaining amount (the portion above £1.5 million)	15%

So I'm not saving £2,500 on stamp duty then?  Pre mini-budget the SDLT I expected to pay was £24,800.  Is this still the case or has it gone down by £2,500 to £22,300? 

EDIT: The house I'm buying is £435,000

Flugelhorn

Before the budget you would have paid 2% on the 125k-250k which = 2,500 which you are now not paying. The govt website calculator is not updated yet 

for 435K it will be 

Old: 3%* 435 = 13050
+ normal stamp duty of 2500 + 9250 = 11750
to give 24800

new - the 2500 goes to give 22300

Flugelhorn

PS in lockdown there was a similar discount - I bought a property for 250K - paid 7500 higher rate SDLT (ie 3% of total) but did not have to pay the 2500 standard SDLT (ie 2% of 125-250)