Before 2014 a 'slab structure' was in place with buyers paying a rate based on the ENTIRE property purchase price. The new rates are now payable only on the PORTION of a property price which falls within each band. As with every tax, there are those who will be better and worse off compared to the previous system. Now from April 1st 2016 a new additional charge of 3% of SDLT on purchases of additional residential property above £40,000 will apply this will affect buy-to-let properties and second homes. For example the nil rate band will increase to 3% and the top slice of SDLT will increase to 15%.
The calculator below will enable you to determine what Stamp Duty will now be payable on your property purchase with and without the additional tax levied on properties that are being purchased either under a buy-to-let scheme or as a second home.
Enter the estimated value of your purchase below and click Calculate.
If you wish to see what effect the additional 3% rate would have, click the check-box and re-calculate.
Stamp Duty Currently due:
Stamp Duty Currently due with additional 3%:
Posted on Friday, October 6, 2017
We love Coventry and Warwickshire! Read our A-Z guide to everything that's fabulous about living around here!
Posted on Sunday, September 17, 2017
Being a first-time buyer isn’t easy. In between getting to grips with a mortgage and finding that ideal location, having to raise a deposit can make that dream house seem much less appealing. As house prices continue to grow, so does the amount you need to build to secure that place on the housing ladder. With deposits now tipping over the tens of thousands of pounds mark, you can feel as though you might be saving forever, confined to a tent in your parents back garden. Although it might seem impossible, the ability to build a sizeable deposit is much easier than you might think. Whilst it might take some planning, saving for that first home needn’t be a barrier to getting onto the property ladder.
Posted on Wednesday, September 13, 2017
More and more older people are choosing to move - often to downsize - and for many it's time of mixed emotions. Perhaps a smidgen of sadness at saying goodbye to the family home - and hopefully a flash of excitement as well about the possibilities that a move can bring. Getting good advice at this critical life stage is so important. Here Shortland Horne talk about the ups and downs of moving later in life and how to make it as easy as possible.