New Stamp Duty 2014

LondinaLondina Experienced MentorMAAT, AAT Licensed Accountant Posts: 812
Treasury said that new Stamp Duty will bring some saving, but I don't really see it? It's now 5% for houses after £250,000, before it was 3%


Comments

  • Gem7321Gem7321 Experienced Mentor DevonMAAT, AAT Licensed Accountant Posts: 1,438
    Hi Londina
    It is now incremental. So previously if you purchased a house for over £250,000 it would cost 3% on the whole value. Now, you would pay 0% on the first £125,000 and I believe 2% on £125,000-£250,000 then 5% on the portion thereafter so it does produce quite a signifcant saving.
    MarieNoelleLondina
  • LondinaLondina Experienced Mentor MAAT, AAT Licensed Accountant Posts: 812
    ah I see, it's now calculated like income tax! cheers
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