At Wills Bingley we can provide businesses and individuals in the Cornwall area with support and advice when considering the purchase of residential property. Here are some of the main aspects to look out for.
In Autumn Statement 2014, the chancellor announced changes in the rules for calculating the stamp duty land tax (SDLT) chargeable on purchases of residential properties. The existing SDLT rules for non-residential or mixed properties remain unaltered. Also unaltered are the provisions relating to non-natural persons.
Under the old rules, SDLT was charged at a single percentage of the price paid for the property, depending on the rate band within which the purchase price fell. From 4 December 2014, SDLT will be charged at each rate on the portion of the purchase price which falls within each rate band.
The new rates and thresholds are:
|Property value band
|£0 - £125,000
|£125,001 - £250,000
|£250,001 - £925,000
|£925,001 - £1,500,000
|£1,500,001 and over
Please see our article on 'Stamp Duties' for details of the old rules and other aspects of Stamp Duty.
This new measure had effect on and after 4 December 2014. The measure applied in Scotland until 1 April 2015, when SDLT was devolved.
Where contracts have been exchanged but transactions have not completed on or before 3 December 2014, purchasers will have a choice of whether the old or new rules apply. HM Revenue & Customs have produced an online calculator to help in calculating the duty payable under both sets of rules.
If you are looking for professional assistance from a team of accountants and business advisers in the Cornwall area, contact Wills Bingley.