News: Changes to Stamp Duty Land Tax (SDLT)
Most people agreed the Stamp Duty Land Tax (SDLT) system was dated and draconian; indeed some likened it to stepping off a cliff when spending £1 over £250k. This slab effect caused confusion and disparity at that threshold.
From today SDLT rates have been changed and as a result there will be a great deal of jubilation from purchasers over the unforeseen boost to their moving budget - good news, especially before Christmas. Fortunately, implementing the new rates so quickly prevented stagnation and uncertainty in the market, but will still have come as quite a surprise to most. For the vast majority of purchasers the changes will be welcomed - 98% of the market will benefit according to Government figures.
For higher value properties there will be some ‘pain’, but on the whole the need for a mansion tax has been averted - good news if you happen to live in a more expensive property through circumstance rather than design.
To find out how these changes might affect you, and to make a comparison from yesterdays rates please follow the link below.
Davies & Partners