The Chancellor’s Autumn Statement saw a massive shake up in stamp duty that will benefit all of our potential home owners
What did it used to be?
Stamp Duty was paid in bands, which meant that your Stamp Duty payment would jump quite dramatically.
Now it works much more like income tax. You now only pay Stamp Duty on the part of the property price that falls within each band. Therefore you’d pay 0% for the first £125,000, 2% on the portion up to £250,000, 5% up to £925,000, 10% up to £1.5m and 12% on anything above that.
If you were to buy our Austwick at Falcon Park, Settle you would now pay only £1,659. The effective tax rate now being only 0.8%. Before you would have had to pay 1% of the purchase price.
The Money Advice Service has a handy calculator for you to work out the Stamp Duty you will now have to pay. Please click here to access it.
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