The Government have today announced a cut to Stamp Duty Land Tax effective immediately. The new rates for residential properties are as follows:
Property or lease premium or transfer value SDLT rate
Up to £250,000 Zero
The next £675,000 (the portion from £250,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%
For example, if you were to buy a property for £290,000, the Stamp Duty would be calculated as follows:
The rates for First Time Buyers have also been adjusted, meaning that no Stamp Duty will be payable on properties up to £425,000.
For more information about how the rate changes will effect you, feel free to contact us on 01255 676198 or by email at Admin@luxlaw.co.uk
Like so many around the United Kingdom and the world, we at Lux Law were saddened by the news of the passing of Her Majesty Queen Elizabeth II on 8th September 2022. We would like to extend our sincerest gratitude to Her Majesty for her unwavering commitment to public service and pass on our condolences to the Royal Family, and to all those who held Her Majesty dear.
Lux Law is the trading name of Lux Law Limited, a company registered in England (08662734). Lux Law Limited is authorised and regulated by the Solicitors Regulatory Authority SRA No. 607700
