With a reform of Stamp Duty Land Tax (SDLT) desperately required, the Government announced last week a new way of calculating the tax, reforming the thresholds basis on which it’s calculated.
Purchase price of property Rate of SDLT
- Zero % up to £125,000
- 2% on £125,000 to £250,000
- 5% on £250,000 to £925,000
- 10% on £925,000 to £1.5 million; and
- 12% on £1.5 million +
What does this change mean?
It means that anyone buying a house under £937,000 will now be better off.