
Stamp Duty Changes April 2016
MONEY AVANT OLD vs NEW STAMP DUTY LAND TAX (SDLT) AVANT MONEY Stamp Duty Land Tax is paid when a residential property is purchased in England, Northern Ireland and Wales. From 1st April 2016 a higher rate of SDLT will be enforced on additional homes and buy to let residential properties. PROPERTY VALUE OLD SDLT NEW SDLT £0*-£125K 0% 3% £125K-£250K 2% 5% £250K-£925K 5% 8% £925K-£1.5M 10% 13% £1.5M+ 12% 15% *Transactions under £40,000 do not require a tax return to be filed with HMRC and are not subject to the higher rates. Should you be on the lookout for that perfect little somewhere, here are some examples of how it works. 10 Buckingham Palace estimated value: 10 Downing Street estimated value: Windsor Castle estimated value: £935 million £180 million 2 £6 million £28 million SDLT increase £5.4 million £180K SDLT increase SDLT increase 10% The government anticipates the higher SDLT rate will affect 10% of residential property transactions However, for those always on the move, it's good to know SDLT DOESN'T APPLY to caravans, mobile homes and house boats. AVANT avanthomes.co.uk homes Sources 1. https://www.gov.uk/government/consultations/consultation-on-higher-rates-of-stamp-duty-land-tax-sdit-on -purchases-of-additional-residential-properties/higher-rates-of-stamp-duty-land-tax-sdlt-on-purchases-of-additional- residential-properties 2.http://www.telegraph.co.uk/news/uknews/theroyalfamily/2664746/Buckingham-Palace-valued-at -close-to-1-billion.html 3. http://www.telegraph.co.uk/finance/property/11561593/Which-Prime-Minister-knocked-millions -off-the-price-of-10-Downing-Street.html
Stamp Duty Changes April 2016
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