Stamp Duty Changes in 2015 Budget03/10/14
This year's budget, approved by the States on 25 September 2014, will introduce a new law making a number of changes to stamp duty as from 1 January 2015.
The changes will broadly assist those borrowing sums of up to £400,000 and will impact adversely on purchases by high net worth individuals:-
- The upper limit for first time buyers’ relief will fall back to £400,000
- First time buyers of properties in the range £400,001 - £449,999 will pay reduced rates on a sliding scale
- Stamp duty on borrowing to buy a home costing up to £400,000 will be charged at nil on the first £300,000 and at 0.25% on the difference over £300,000 up to £400,000 maximum
- Stamp duty on purchases of residential properties costing more than £1m will increase on a stepped basis as follows:
- 4% between £1 million and £1,500,000
- 5% between £1,500,000 and £2 million
- 6% between £2 million and £3 million
- 7% over £3 million=
- Stamp duty on commercial (non-residential) properties will remain unchanged
www.ogierproperty.com contains stamp duty calculators which will be updated to reflect the changes from 1st January next year.