Thursday, 11 December 2014

Will the stamp duty reforms save you money?

Numerous people have asked me this week for my opinion on the changes to stamp duty, as presented by George Osborne in the Autumn Statement.

For those who don’t know, the stamp duty system used to run on a ‘slab structure’, which gave the anomaly around a few key price points in the market. The most common perhaps being that if you paid £250,000 for a property you would pay £2,500 in stamp duty. Yet paying just £1 more (i.e. £250,001) would’ve resulted in a stamp duty bill for £7,500!

I’m going to take a more in-depth look at how the changes will impact property in Chichester in next week’s article (to be published in the Chichester Observer’s property section). For now, I thought you might like to see the visual I created below, showing how much you’ll save (or pay extra) depending on a property’s sale price.





stamp duty savings



You can see that all purchases below £925,000 will see the stamp duty bill either decrease or remain the same, with the most significant savings at the previous stamp duty thresholds i.e. £250,000, £500,000 & £1 million. There’s now a small anomaly in the £940,000-£1,000,000 price bracket, whereby you’ll pay more stamp duty, but the real ‘losers’ are those who are paying over £1,125,000 for their property.
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If you are looking for an agent that is well-established, professional and communicative in Chichester, then contact us to find out how we can get the best out of your investment property.

E-mail me on clive@crjlettings.co.uk or call 01243 624 599.

Don't forget to visit the links below to view my previous buy-to-let deals and Chichester Property News articles:


c/o CRJ Lettings, 30B Southgate, Chichester, West Sussex, PO19 1DP

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Location: Chichester, West Sussex, UK

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