Stamp Duty Changes
The recent Stamp Duty changes are good news for homebuyers. Here, we show the difference it makes on the purchase of a new Park Lane Group home at High Breezes in Hastings.
Rather than being calculated as a percentage of the whole property price, the rate (which has also changed) now applies only to the part of the property price that falls within each band.
The following before and after scenario shows the effects of the change:
- Previous charge (up to 4 Dec 2014): £1,519 – former 1% rate applied to the full purchase price of £151,950
- New charge (from 4 Dec 2014): £539 – new 2% rate applies to just £26,950, the difference between the initial £125,000 threshold and the purchase price
There’s a handy stamp duty calculator online, courtesy of HM Revenue & Customs to help check your sums.
And for details of the new Park Lane Group homes for sale at High Breezes in Hastings, visit our For Sale section.