LETTING & ESTATE AGENT

Following the government’s update on 13th May 2020 regarding home moving in England during the Covid-19 outbreak, we are pleased to announce our branches in England will start re-opening their doors for booked appointments over the coming weeks. Health and safety remains our main priority, and a number of strict measures will be put in place to protect our staff and customers. Our offices in Scotland and Wales will continue to support customers from home. Visit our branch page to find contact details for your local office.

Changes To Stamp Duty – Great News For The BUY- To- LET Investor

Changes To Stamp Duty – Great News For The BUY- To- LET Investor

You’ll have seen the Chancellor’s announcement that Stamp Duty on property purchases changed from Mid-night on 3rd December. Gone is the old Slab Rate of tax and a much fairer system has been brought in to replace it. According to George Osborne, 98% of all buyers will see a benefit with a reduction in the tax paid on purchase.

Here’s the link to HMRC’s on-line calculator and here’s a few worked examples http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm

Purchase Price

Stamp Duty Payable

Previously Payable

Amount  Saved

£135,000

£200

£1,350

£1,150

£150,000

£500

£1,500

£1,000

£165,000

£800

£1,650

£850

£175,000

£1,000

£1,750

£750

With every penny counting, this is great news. Look at it another way, a thousand pound savings will pay your solicitor’s fees.

Perhaps not in the run-up to Christmas but in the New Year, I would expect this to give some impetus to the current moribund housing market which should give would be buy to let investors more choice of property.

Not often a Chancellor of the Exchequer gives something this valuable away – there must be a General election coming up!

 

Mike White

Martin & Co Norwich

01603 766860

December 2014