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'A complete overhaul of the stamp duty system'... read on

Wednesday, 3 December 2014  |  Admin

 

'A complete overhaul of the stamp duty system'... read on

People buying a home in the UK will feel the direct impact of announcements in the Autumn Statement - but individuals' savings and income were also put under the spotlight.

One move that has been made is a complete overhaul of the stamp duty system.

Rising house prices have pushed many homes into a new bracket of tax.

Under the present system, stamp duty is calculated as a percentage of the whole property price - rising at various trigger points. This is 1% for properties bought for more than £125,000, 3% for homes bought for more than £250,000, 4% at over £500,000, 5% at over £1m, and 7% at over £2m.

For example, £2,500 is levied in stamp duty when a house is bought for £250,000. However, this bill triples if buyers pay a penny more than that for a property.

 

.Click here to read more

Source: BBC Business News http://www.bbc.co.uk/news/business-30293477

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