Stamp duty restructure is saving thousands
Ed Miliband had promised, should the Labour government win the Election, he would reduce Stamp Duty Land Tax (SDLT) even further – to zero percent for purchasers buying property up to the value of £300,000. Of course, this promise wasn’t to be realised…
Nevertheless, since the restructure of the SDLT system, property buyers are saving thousands of pounds, according to a report by the Mortgage Advice Bureau.
Who’s benefiting most?
Since the tiered approach was introduced, replacing the previous “slab system”, the average saving in SDLT is £1,300.
Those benefiting most include London and the South East but savings are generally being seen countrywide.
• London – average £4,600
• South East – average £3,870
• North West England – average £1,000
The SDLT restructure was aimed to predominantly help buyers investing in properties worth between £250,000 to £300,000, which is where the previous system can be deemed as least “unfair”.
With the average property price in the UK, according to the Office for National Statistics, showing £271,000 in the latter part of 2014, this is where the majority of purchasers, including first time buyers, are reaping the rewards of the SDLT restructure.
Figurit keep our clients informed of important changes that will affect their financial and tax position, including property investments. Call today to speak with our specialist team.
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