You’ll pay (2p) tax on this property
Because the (semi-detached house) you describe will () be the only property you own, (stamp duty) is set at a (standard rate)
(Standard rate) (stamp duty)
But from April 1, you’ll pay (£1,234 more) to the taxman because of the new higher rate on additional homes
Because the (semi-detached house) you describe will be the only property you own, (stamp duty) will remain at the standard rate after April 1
On April 1, the Government (is introducing) a new higher rate of (stamp duty) for properties bought as additional homes
Higher rate (stamp duty) (will be) paid on the entire purchase price of a property
Band | Standard rate | Higher rate |
---|---|---|
£0* - £125k | 0% | 3% |
£125k - £250k | 2% | 5% |
£250k - £925k | 5% | 8% |
£925k - £1.5m | 10% | 13% |
£1.5m+ | 12% | 15% |
Band | Standard rate | Higher rate |
---|---|---|
£0* - £145k | 0% | 3% |
£145k - £250k | 2% | 5% |
£250k - £325k | 5% | 8% |
£325k - £750k | 10% | 13% |
£750k+ | 12% | 15% |
The (stamp duty) due on the (semi-detached house) you describe (would be) (£3,500 more) with the higher rate applied than with the standard rate
In 1985, the average price of a (semi-detached house) in (North England) was (£26,392), and stamp duty was set at a flat rate of 1% on properties costing over £30,000
In comparison, the average price for similar properties in (North England) in 2015 was (£150,000). First-time buyers now begin paying (stamp duty) at (£125,000)
The tax due on the (semi-detached house) you described is (£3,500 more) it would have been 30 years ago
Sources: ONS, UK Stamp Tax statistics 2014 to 2015; Halifax House Price Index, House prices by property type; gov.uk, Higher rates of Stamp Duty Land Tax (SDLT) on purchases of additional residential properties; revenue.scot Land and Buildings Transaction Tax rates and bands
Designed and developed by Jeremy Christopher Harding
Illustration by Jo Breese