The UK Government has introduced several new property tax policies in recent months which may affect you if you are planning to buy, let or sell property in the UK. Some have interpreted these changes as an attack on landlords and second home owners.
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The changes to stamp duty when buying a property has changed significantly over the past two years. Before 4th December 2014 people had to pay stamp duty at one rate which was determined by the value of the property. This was replaced with the current “slice” system which means that stamp duty is calculated only on the property price that falls within the band.
|£125,001 – £250,000||2%|
|£250,001 – £925,000||5%|
|£925,001 – £1,500,000||10%|