Legal 2 Move are the property division of Evans-Roberts Solicitors.
Legal 2 Move are Lawyer Led
If you are looking to sell or buy a property contact our friendly team who will be happy to assist you.
We offer a ‘one stop shop’ for Estate Agency, Sales, Lettings and all your Conveyancing needs.
For many years happy clients have sold their properties through Legal 2 Move and Evans-Roberts Solicitors, serving mainly Gwynedd, North Powys and North Ceredigion. Legal 2 Move Estate Agents are the Property Division of Evans-Roberts Solicitors, thus offering a seamless service for peace of mind and value for money
We are a Lexcel Accredited two office practice, operating from Machynlleth and Tywyn, established for over 100 years and offering comprehensive advice and assistance in:
- Conveyancing
- Probate
- Inheritance Claims
- Wills Trusts and Taxation
- Agricultural Law
- Powers of Attorney and Deputyships
- Care of the Elderly
- Family
Please contact us for a free initial consultation.
Stamp Duty Tax Rates as of December 2014
Brackets |
Rate |
How to calculate the new Stamp Duty rate
So, if you bought a property for £850,000 you would you pay no stamp duty on the first £125,000, then 2% on £125,000 to £250,000 and 5% above £250,000. (eg: £850, 000 - £250,000 = £600,000 x 0.05 = £30,000 + £2,500 = £32,500). As the property price increases the rate of pay increases within a certain tax bracket with percentages rising when a higher price threshold is reached. Under the new SDLT property over £925,000 - £1.5m will be taxed at a rate of 10% compared with 5% in 2014.
Buy-to-let and second homes Stamp Duty 2017
From April 2016, property buyers in England and Wales will have to pay an additional 3% on each stamp duty band. To discuss which London or UK areas will provide the highest returns on investments in 2017 and 2018
Buy-to-let and second home Stamp Duty tax bands |
||
Brackets |
Standard rate |
Buy-to-let/second home rate (April 2016) |
Up to £125,000 |
0% |
3% |
£125,001 - £250,000 |
2% |
5% |
£250,001 - £925,000 |
5% |
8% |
£925,001 - £1.5m |
10% |
13% |
over £1.5m |
12% |
15% |
Source: HMRC |
|
|
Can I reduce Stamp Duty?
As stamp duty is only payable on the land purchase, removable fixtures and fittings, or chattels, such as freestanding wardrobes, sofas, fridges, carpets and curtains, are not subject to SDLT and can, therefore, be subtracted from the total property price. Everything 'attached' to property such as light switches technically form part of the property and are subject to SDLT.
If a seller is willing to leave certain chattels, you should agree to pay a reasonable amount between your Agent and the vendor and subtract it from the agreed purchase price. This can be executed by a good tax lawyer, Conveyancer or your Estate Agent.
Who pays Stamp Duty?
Stamp Duty is paid by everyone purchasing a property in England, Northern Ireland and Wales above £125,000, including overseas buyers.
When is Stamp Duty paid?
You must pay stamp duty to the HMRC 30 days from the date of completion or you may risk a fine. Your Solicitor or legal adviser should take care of this for you and ensure you don't miss the deadline. Some buyers prefer to add on the SDLT amount to their mortgage loan. Please speak to your mortgage provider.
How often does Stamp Duty change?
New stamp duty rates and thresholds have historically been introduced every 2-5 years with the latest changes effective as of December 2014.