It was a big day in the property world on Wednesday when the Chancellor of the Exchequer, George Osborne completely revised the Stamp Duty Tax rates – paving the way for big savings when it comes to purchasing your next home!
The Old way
Under the old system, stamp duty was a percentage of the entire property price. Moreover, there were sharp increases at certain trigger points.
The New Way
The new system of stamp duty (which came into force from midnight on 3rd December) will only apply to the amount of the purchase price that falls within the particular duty band – in other words, just like income tax.
So how does our current stock of available Damson properties fare?
Glad you asked – we’ve had our calculators out… 🙂
|Old Rate||New Rate||You Save|
|Plot 1, 2 & 3 @ Birchy Greens (£675,000)|
|Plot 4 @ Birchy Greens (£525,000)|
|Plots 2, 6, 7, 8, 9 @ Blakesley Views (£230,000)|
Here’s a table of the New Stamp Duty Rates
|Purchase Price (£)||Rate (%)|
|Up to 125,000||0|
|125,001 – 250,000||2|
|250,001 – 925,000||5|
|925,001 – 1,500,000||10|
It’s interesting to note that although the percentage rates appear higher in some cases, the overall charge is lower for 98% of homebuyers.