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Since changes to Stamp Duty Land Tax (SDLT) were introduced on 4th December 2014, research carried out by myhomemove has highlighted that homeowners have saved £701 million in six months.
This has benefited house purchasers significantly, with an average sum of £1,400 being saved per purchase (based on a survey undertaken on completed property purchases between 4th December 2014 and 31st May 2015).
The Government have also estimated that the reform to SDLT, which was introduced by Chancellor George Osborne, cut tax for 98% of people who were purchasing homes below a price of £937,500.
Doug Crawford, CEO of myhomemove has said that, “The stamp duty reforms have saved UK homebuyers a significant amount of money since its introduction and provided an important boost to the property market, just as house transactions were starting to slow down in the run up to the general election. Under the old ‘slab’ system, there was a substantial increase in price at stamp duty thresholds, which the reforms have reduced significantly”.
If you would like to calculate the amount of SDLT payable on your purchase, you can calculate this on the HM Revenue and Customs Stamp Duty Land Tax calculator here.
Myerson LLP provide expert advice regarding your purchase. Whether you are a first time buyer or a seasoned property developer, the service we provide at Myerson is a prestige, bespoke service, tailored to each client’s specific requirements. Your requirements are kept firmly at the forefront of our minds throughout the Conveyancing process. If you require advice on any residential property matter, then please get in touch with one of our experienced and specialist residential property solicitors, in our Residential Conveyancing Department.
Whilst our office is easily accessible for people in the localities of Manchester and Cheshire, including Altrincham, Hale, Bowdon, Sale, Timperley, Knutsford, Wilmslow, Alderley Edge and Prestbury we also act for clients throughout England and Wales.