Autumn Statement 2014 Review: Stamp duty land tax on residential property

Here we have summarised all the changes announced today by the Chancellor in the Autumn Statement relating to stamp duty in relation to residential property.

 

The way stamp duty land tax (SDLT) is charged on residential property will change from 4 December 2014.

The first £125,000 will be tax free, as now.

The next £125,000 will be charged at 2%, so a house of £250,000 will bear SDLT of £2,500

The next £675,000 will be charged at 5%, so a house of £925,000 will bear SDLT of £36,250

The next £575,000 will be charged at 10%, so a house of £1.5m will bear SDLT of £93,750

The excess over £1.5m will be charged at 12%.

 

 

Purchasers who have exchanged contracts before 4 December but not yet completed can use the old rates and thresholds if they choose.

 

The changes do not affect commercial property.