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Stamp Duty Land Tax - The Facts

published on 04/12/2014  

The details of the Stamp Duty Land Tax Reform announced as part of the Chancellor's Autumn Statement are available on the NAEA website. With almost immediate effect, the structure, rates and thresholds have been changed to deliver a more efficient and fairer system. Transitional rules apply where contracts are exchanged before 4 December but the transaction completes on or after that date. In that situation, buyers will be able to pay SDLT under the old rules or the new rules, whichever is more beneficial for them. NAEA MD Mark Hayward responded to the announcement: “National Association of Estate Agents is very pleased that the Chancellor has listened to our proposal on stamp duty and reviewed the cumulative slab system to abolish it and introduce a gradual band tax. As the Chancellor said, these measures will help the majority of buyers. Only those paying more than £937,500 will pay more stamp duty than under the current system. Pinch points have been addressed to help first and last time buyers and make buying and selling more affordable – the changes will help many first time buyers to get on the property ladder. In addition, we also expect the changes to help balance the seesaw of supply and demand in the current market.