Conveyancing — Buying and Selling Residential Property
In his statement on 3 December 2014 The Chancellor announced major changes to Stamp Duty for house purchases.
Stamp duty is payable by the purchaser, on completion of the purchase, at the rates shown below:
0% on the amount up to £125,000
2% on the amount between £125,000 and £250,000
5% on the amount between £250,000 and £925,000
10% on the amount between £925,00 and £1.5m
12% on the amount exceeding £1.5m
Higher rate for corporate bodies
SDLT is charged at 15% on interests in residential dwellings costing more than £2 million purchased by certain non-natural persons. This broadly includes bodies corporate, for example companies, collective investment schemes and all partnerships with one for more members who are either a body corporate or a collective investment scheme. There are exclusions for companies acting in their capacity as trustees for a settlement and property developers who meet certain conditions.
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