The most recent Autumn Statement delivered by the UK Government outlined changes to Stamp Duty Rates which could have a positive impact on buyers of a Snugg Home.
The new Stamp Duty rates are as below:
- 0% on the first £125000
- 2% on the portion from £125,001 up to £250000
- 5% on the portion from £250,001 up to £925000
- 10% on the portion from £925001 up to £1.5million
- 12% above £1.5million
This means that if you’re buying a home of around £260,000, 0% will be paid on the first £125,000, with 2% levied on the amount between £125-250,000 and 5% on the £10,000 above that amount. This means that you would now pay £3000 Stamp Duty, instead of £7,800 under the old system, a saving of £4,800.
Shared ownership property
When a shared owner buys into a shared ownership property, they can choose to either:-
– Make a one-off payment based on the market value of the property (‘market value election’)
– Pay SDLT in stages. They would pay SDLT on the premium paid and then would pay additional SDLT payments upon stair-casing/final stair-casing.
For more information about the Stamp Duty changes please visit: www.hmrc.gov.uk