An overview of the new Stamp Duty Levels

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An overview of the new Stamp Duty Levels

OVERVIEW

The 3% surcharge above the standard SDLT (residential) rates applies from 1 April 2016 to purchases of certain additional residential properties by individuals (not replacing their main residence), where the consideration is £40,000 or more. Purchases by companies and trusts are also within the scope of the higher rates. Application of the higher rates is subject to transitional provisions.

A calculator is available on the gov.uk website which you can use to calculate the amount of SDLT due on purchases of additional residential properties:
www.tax.service.gov.uk/calculate-stamp-duty-land-tax

 

The table below sets out the higher SDLT rates on residential property taking account of the new higher rates as applicable to each slice of the purchase price.

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If you are still unsure of any of the new changes, call us here ar Clearhaven and we will be happy to assist you.