New Stamp Duty Rules on house purchases

[No-flies]

The Chancellor has today announced a change in the way in which stamp duty is to be calculated on house purchases. Previously a purchase was subject to one rate of stamp duty dependent on the price paid. From midnight tonight you will pay different rates of stamp duty on different "slices" of the purchase price, much as you do with income tax. We have done a short blog post setting out the new rules and rates which is available here: http://no-flies.co.uk/index.php/2014/12/03/new-stamp-duty-rules/. The blog post also contain a link to an HMRC stamp duty calculator. If you have already exchanged contracts before midnight tonight but not completed on your purchase you can choose whether you wish to pay stamp duty under either the old or the new rules.

No-Flies - Estate Agents

[johnki]

Seems this is great news if you are trying to sell, not as great as it seems if you are trying to buy around the 250k mark, the natural halt that was called by the 3% boundary will disappear pushing those trying to get on the ladder further away. I have no doubt estate agents are already talking to sellers that they could now go for 260 or 270..