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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