US EditionMajor stamp duty changes coming into force - what buyers need to know as costs rise
- From April 1, buyers of main homes must pay 2% stamp duty on purchases between £125,001 and £250,000, adding £2,500 to their tax bills.
- First-Time buyers now face stamp duty on homes above £300,000, a change from the previous threshold of £425,000, as millions are affected.
- Buyers unable to complete their purchases before the deadline will face tough decisions regarding their transactions.
- Chancellor Rachel Reeves did not announce any extensions to the previous thresholds in the Spring Statement, leading to increased costs for buyers.
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Chart reveals how much YOU will pay in stamp duty after rule change
MILLIONS of first-time buyers face a huge financial hit after stamp duty thresholds were cut this week. Stamp duty land tax is a lump sum payment you have to make when you buy a property worth more than a certain threshold. AlamyMillions of home buyers will be hit with stamp duty bills from this week[/caption] Previously first-time buyers purchasing a property worth up to £425,000 did not have to pay any stamp duty. If the property was more expe…
·United Kingdom
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Leaning Left1Leaning Right2Center8Last UpdatedBias Distribution73% Center
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73% Center
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