New Stamp Duty Rates

Along-with new stamp duty rates, Chancellor has introduced many other new taxes to punish landlords of buy to let properties. From partial allowance of mortgage interest to non-reduction of capital gain tax on residential properties, there are many attacks which Chancellor has made on landlords since he assumed power.  From 1 April 2016, a new stamp duty regime on residential sale would be implemented.

Following are the new rates:

First Home

Property or lease premium or transfer valueSDLT rate
Up to £125,000Zero
The next £125,000 (the portion from £125,001 to £250,000)5%
The next £675,000 (the portion from £250,001 to £925,000)8%
The next £575,000 (the portion from £925,001 to £1.5 million)13%
The remaining amount (the portion above £1.5 million)15%

Buy to let or second home

Property or lease premium or transfer valueSDLT rate
Up to £40,000Zero
From £40,001 to £125,0003%
The next £125,000 (the portion from £125,001 to £250,000)5%
The next £675,000 (the portion from £250,001 to £925,000)8%
The next £575,000 (the portion from £925,001 to £1.5 million)13%
The remaining amount (the portion above £1.5 million)15%

Also read these interesting and informative blogs written by Leeds property experts experts:

Landlords under attack

New Tax Rules

Is Ltd Company Better for Landlords

Wear and Tear Tax Allowance

First Happy News For Landlords in 2016

A report on Leeds Housing Market

 

 

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