If I read the report right instead of paying 1% of the whole £150000 we are paying I will now pay 2% on the amount between 125k and 150k so 25k.
If I'm right I'll now pay £500 instead of £1500.
Am I making sense of this right?
Looks about right
125000 250000 125000 2500
250000 925000 675000 33750
925000 1500000 575000 57500
1500000 2500000 1000000 120000
213750
Calculated for a 2.5M house is £213750 though!
Yup just saved me 4.5k, glad the solicitors have spent so long pluckin around with the purchase, i put the offer in back in august!
[url= http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm ]http://www.hmrc.gov.uk/tools/sdlt/land-and-property.htm[/url]
use that calculator and get it straight from the horses mouth.
Correct! Seems that unless you're spending more than £500k you're better off.
£975 K is the breakeven point
edit: read across error 937.5 K
Correct! Seems that unless you're spending more than £500k you're better off.
That's the figure I came up with. I'm surprised only 2% of purchases are over 500k to be honest.
EDIT: I think I'm thick
it also means that my houses at the bottom end of the SDLT bands are now much more accessible.
It's tough enough drumming up 10% for the deposit. Finding another 2-3k grand, cash for conveyancing fees and SDLT is a mission.
Owning a house that's worth about £135k it makes me quite happy 🙂
The break even point is over £900k - there is also a slight anomoly in that the saving at 499,999 is zero also but that's more of a function of the old flawed system
Actually there are a couple of crossover, this graph explains it well
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That's a far more sensible system, and removes the blip around the £250000 mark that made houses difficult to value and market.
Just saved me £900 too, I'd still like to slap Gideons silly face though 😀
Doh, offer in on a house for £250k.
Same same.
So, the super-rich mansion owners will be paying more tax?
'king Tories 😉
mrjmt - Member
Doh, offer in on a house for £250k.
Same same.
It's OK though, you can increase your offer without paying loads more tax!
😕
Doh, offer in on a house for £250k.
I'd start hoping that they don't now want £260k for it!
'tis good. Hopefully make my house easier to shift as its valued at £275k.
[img] 
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......must keep the Bubble going until the next election!!!
*obviously I aint no Jamie
** this will actually save me some cash when we move!
Bravo ^
Pants - would have saved me about £3000 - we completed on Nov 24th...
Oh well..
DrP
Bastards kept all this quiet, I guess they needed to, to prevent a housing market stall. But would have saved me a few grand.
Completed 2 weeks ago 🙁
We are just in process of signing contracts so if all goes well he has saved me 5k 🙂
OT - Never noticed before, but badger has a mirror on his wall so he can watch himself vigourously pumping and then spurting his gunk everywhere. Perhaps he has delusions of Christian Bale?
I think Gideon has noticed that the SNP changes away from stamp duty was a PR goldmine! 😆
Just saved me £4k..... New bike me thinks (which probably means the sofa she's been going on about).
Consider yourselves fortunate the new duty system in Scotland will cost us about 17k more if we move after April 1st. That's on about 500k budget, I cannot wait until personal taxation is controlled in Scotland....
The sale of my late Mum's house is due to complete tomorrow - the purchasers will benefit to the tune of £4300.
Beginning to wish I had waited to sell it as the house was sold in less than a day and I might have got a couple of grand extra assuming the buyers had a budget which included stamp duty.
Consider yourselves fortunate the new duty system in Scotland will cost us about 17k more if we move after April 1st. That's on about 500k budget, I cannot wait until personal taxation is controlled in Scotland....
The socialist wonderland north of the border has to be paid for somehow.
juanking - MemberConsider yourselves fortunate the new duty system in Scotland will cost us about 17k more if we move after April 1st.
According to the calculator, it's £12300 on a £500000 house?
No offence but you're buying a house worth more than 3 times the national average, I promise I will weep for you but there's quite a long queue of others I must weep for first, so it might not be for a few days.
uponthedowns - Member
The socialist wonderland north of the border has to be paid for somehow.
Be no bother if we weren't subsidising the BritNats.
Socialist wonderland. 😆 not quite but we'll get there!
500k house in Scotland? Oh the hardship! 😆
I don't want to worry anyone... but I am sure I heard that purchases that were already in process would be taxed on the old system!
Should come in handy for me though - we haven't got to the point of offering as yet, and it should help selling the current house too 🙂
Looks like we'll be saving £2,200 on the flat we're in the process of buying at the moment - which is nice.
and I might have got a couple of grand extra assuming the buyers had a budget which included stamp duty.
Sadly, I suspect plenty of sellers will think like this...
We completed on Friday last week 🙁
Really happy with the house, but a bit of an arse to know we could have saved about £4k. About time the old system was changed though, it was a stupid system in today's inflated market...
Northwind, under the new rules its 27.3k, under the old and existing rules until end March its 15k. Not forgetting this is offers over so the 500k would be nearer 550, the extra 50k would cost 1.5k under the old rules, it costs 5k under the new. In the socialist dream, 0-135k =0, 135-250k is 2% then >250k is 10%! I think what they've done for the reform for you guys is far more sensible than Scotland.
Oh and BTW this is Aberdeen, the prices here are mental and the oil industry is about to have its biggest cull in 10 years.
Think of those who'll spend their whole lives renting… and then stick your rants about paying taxes up your arse.
juanking - MemberNorthwind, under the new rules its 27.3k, under the old and existing rules until end March its 15k. Not forgetting this is offers over so the 500k would be nearer 550, the extra 50k would cost 1.5k under the old rules, it costs 5k under the new.
You said your budget is £500000 not £550000 but OK, it does put you further down the tears queue though.
Sorry…
Right, yes, this looks a sensible reform of a previously very arbitrary and market skewing tax.
On a £500,000 property, the Stamp Duty would currently be £15,000 (3% of £500,000). However, from 1 April 2015, the LBTT figure for a purchaser will be £27,300 (0% up to £135,000, 2% of the portion between £135,000 and £250,000, plus 10% of the part between £250,000 and £500,000). Then that extra 50k will cost 5k more in tax rather 1.5k. I used an actual calculator.
Stealth edit there north wind.
Yup, Brodies calculator is completely wrong from £500K up 😆 But, point stands, you gave a lower value than you're actually planning to spend.
I don't want to worry anyone... but I am sure I heard that purchases that were already in process would be taxed on the old system!
Should come in handy for me though - we haven't got to the point of offering as yet, and it should help selling the current house too
It says the new deal goes into play for all from tonight. You can decide to use the old or new system if you are mid purchase.
I'll be using new and using the £1000 I save on a sofa for the new house.
Would have saved us £660 5 weeks ago.. I was fuming until I spoke to a friend who would've saved £4k under the new rules and it was only a week ago. Safe to say he is ******* raging. I think I'd probably be sick!
