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Stamp Duty Land Tax (SDLT) is a fee you pay depending on the value of the property you are purchasing. However, did you know that as of December 2014, the rate of stamp duty that you pay has changed?

Prior to 4 December 2014 SDLT worked on a "slab" basis, so the below percentages applied to the whole of the purchase price.

For example: A house priced at £250,000 would attract an SDLT of £2,500, but one of £250,001 would be liable to SDLT of £7,500. This had a distorting effect on the housing market, because a house is very difficult to sell at prices just above each threshold, for example, £250,001.

Previous SDLT Rates:

0 - £125,000 0%
£125,001 and £250,000 1%
£250,001 and £500,000 3%
£500,000 - £1,000,000 4%
£1,000,001 - £2,000,000 5%

New SDLT Rates:

The new rules mean you only pay the rate of tax indicated below on the portion of the property price within each tax band - like income tax. So the first £125,000 is tax free, the next £125,000 is taxed at 2% and so on. The new bands are:

0 - £125,000 0%
£125,001 and £250,000 2%
£250,001 and £925,000 5%
£925,001 - £1,500,000 10%
£1,500,001 12%

 

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