In the 12 months since December 2014 when new SDLT rules came into place home buyers have saved an estimated £657m in Stamp Duty (SDLT).
The Autum Statement 2014 announced the following change to Stamp Duty.
• No stamp duty will be paid on the first £125,000 of a property
• 2% will be paid on the portion up to £250,000
• 5% is paid for the portion up to £925,000
• 10% is paid on the portion up to £1.5m
• 12% is paid on anything above that
HMRC have a handy calculator, here is link
New analysis released by HMRC shows that the benefits of this reform have been felt across the country, with homebuyers saving an estimated total of:
- £24 million in the North East or £900 for the average house
- £90 million in the North West or £700 for the average house
- £74 million in the East Midlands or £500 for the average house
- £131 million the South West or £4,800 for the average house
- £38 million in Wales or £800 for the average house