The Treasury have released information about the newly reformed stamp duty, making it easier to understand and fairer to the majority of home buyers. Our property expert Matt at The Purple Property Shop has given us some information that may help people understand the changes.
Stamp Duty will be cut for 98% of people who pay it. The new system will mean that those who can buy the most expensive homes will contribute the most and it claims to help the majority of home buyers.
These changes only apply to you if you are buying a home over £125,000. The changes will not affect commercial properties. The HMRC have an online calculator to help you work out how much stamp duty you will have to pay.
If you have just recently bought your property on or after 4th December you will pay stamp duty under the new rules. If your sale completed on or before 3rd December 2014, but you have not yet filed your stamp duty return, you will have to pay stamp duty under the old rules.
How you pay stamp duty isn’t changing, as before you will have to return and pay what you own within 30 days of completing the sale.
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