ARTICLE · 18 SEPTEMBER 2015

Stamp Of Approval

Hazlewoods LLP

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The Chancellor's rabbit out of the hat in the 2014 Autumn Statement was a radical reform of Stamp Duty Land Tax (SDLT) with the aim of boosting the housing market.

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The Chancellor's rabbit out of the hat in the 2014 Autumn Statement was a radical reform of Stamp Duty Land Tax (SDLT) with the aim of boosting the housing market. From 4 December the calculation of SDLT on purchases of residential property changed to a progressive tax, much like the income tax system. There were no changes to the calculation of commercial or mixed-use property.

The old system was a 'cliff edge' approach such that once the house price tipped over into the next band the new rate applied to the whole price. For example, a house sold for £500,000 would have had a SDLT rate of 3% costing £15,000, but if it exchanged hands for £500,001 the 4% rate would have applied costing the purchaser £20,000, i.e. an extra £5,000 of tax for a £1 increase in price!

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