Britain is cutting taxes. Stamp duty property tax (What is “Stamp duty”) – Stamp duty paid by property buyers in the UK, is significantly reduced for buyers of real estate is cheaper £925000 pounds. Stamp duty – in fact the only tax burden, which paid buyers and owners of real estate in the UK. Now in the United Kingdom one of the most loyal in the world systems of taxation for property owners.
However, the need to change the existing progressive scale of Stamp duty is long overdue due to the rapid growth in property prices in London and the South of England. Still in existence, the scale of led market in a distorted state, when the sellers of cheap real estate is cheaper at £125,000 pounds, which is not subject to Stamp duty in General, an artificially inflated her prices. A similar situation arose when approaching the next threshold of £250,000 pounds, when the tax rate has varied from 1% to 2%.
The new scale of Stamp duty, which is valid from 04.12.2014 years, smooths out these jumps and will allow buyers and cheap the average price of property in England much to save when buying.
A fundamental change in the new scale is that now, when the threshold is reached, a tax exempt not the entire amount of real estate, but only the price difference.
More than 98% of the buyers and owners of property in the UK will feel the relief of the tax burden as a result of these innovations.
The new scale of Stamp duty now looks as follows:
Up to £125000 – 0%
£125001 – £250000 – 2%
£250001 – £925000 – 5%
£925000 – £1500000 – 10%
£1500000 and higher – 12%.
So, when buying property in the £ £ 300,000 saving on stamp duty will be £4000. If before the purchase of £300,000 pounds were subject to Stamp duty at a rate of 3% on the entire amount, which was £9000 pounds.
Now, the calculation will be as follows:
The sum of £125000 – exempt
Stamp collecting with a difference of £250000 – £125000 – 2% – will be £2500
And Stamp duty for the difference between £300000 – £250000 – 5% – will be £2500
Total the buyer will pay £ £ 5,000 instead of £9,000 old scale
Improvements under the new scale to apply to all customers who will buy the property at a price cheaper £937000. Those who purchase will be more expensive than £937000 will pay more stamp duty than you would pay on the old scale.
The British government thus pursues the same goal – to increase the number of transactions in the lower sector of the market, to improve the mood of consumers and to improve housing affordability. People with low incomes can save a substantial amount for the budget and send it for a mortgage Deposit or repair their homes.
The upper sector of the UK property market, by contrast, is expected to bring additional revenues to the budget due to progressive tax rates.
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