In the Government's Autumn Statement today (DEC 3), Chancellor of the Exchequer George Osborne announced major changes to the stamp duty regime.
The new system will come into effect at midnight tonight (DEC 4) and will be a graduated one where the stamp duty rates will only apply to the part of the property price that falls within that band.
The Government say that this means stamp duty will be cut for 98% of people who pay it. Calculate how much you could save with this handy stamp duty calculator.
Here are the new rates:
0-£125K = 0%
£125K -£250K = 2%
£250K-£925K = 5%
£925K to £1.5m = 10%
£1.5m and over = 12%
Here are some examples*:
£185K home = £1,200 stamp duty (2% of £60K) saving £650
£275K home = £3,750 stamp duty (2% of £125K + 5% of £25K) saving £4,500
£510K home = £15,500 stamp duty (2% of 125K + 5% of £260K) saving £4,900
See how much you would save on a Bovis Home at a location near you www.bovishomes.co.uk/search
*Based on figures from HMRC