4 Dec

New Stamp Duty Bandings

In the Autumn budget on the 03rd December the Chancellor announced new bandings to replace the slab style tax which has existed for many years. The new bandings will reduce the amount many people will have to pay and eliminate the jumps in tax previously paid on the whole price. The new rates of duty will only apply to the amount of the purchase price that falls within the particular duty band.The new bandings are; * Up to £125,000 : 0% * £125,001 to £250,000:2% * £250,001 to £325,000:5% * £925,001 to £1.5m: 10% * Above £1.50m : 12%

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