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Following the Stamp Duty Land Tax (SDLT) rate change on Friday 23rd September, the Government has reduced the thresholds for Stamp Duty Liability. These rates will differ from the rates advised in the Stamp Duty Lax Tax Authority to Submit Form you completed at the outset. These changes will impact purchasers in England only. You do not need to do anything at this stage and we provide this update for your information only at this stage. We will recalculate the SDLT payable for your transaction when we approach completion of your transaction. Once the Government have updated their online SDLT calculator, you will be able to utilise this to recalculate the SDLT payable for your transaction. To confirm, the Government have only introduced reductions in SDLT liability. Standard Rate | Purchase Amount | Percentage | | Up to £250,000 | Nil | | The next £675,000 (the portion from £250,000 to £925,000) | 5% | | The next £575,000 (the portion from £925,000 to £1.5 million) | 10% | | The remaining amount(the portion above 1.5 million) | 12% |
First Time Buyers| Purchase Amount | Percentage | | Up to £425,000 | Nil | | The next £200,000 (the portion from £425,000 to £625,000) | 5% | | Over £625,000 Standard Rates will apply | |
Higher Rate| Purchase Amount | Percentage | | Up to £250,000 | 3% | | The next £675,000 (the portion from £250,000 to £925,000) | 8% | | The next £575,000 (the portion from £925,000 to £1.5 million) | 13% | | The remaining amount(the portion above 1.5 million) | 15% |
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