Parnalls’ property lawyer Iain Robinson has identified some of the obvious and less obvious effects of the changes to Stamp Duty Land Tax unveiled yesterday by the Chancellor:
- Residential property under £500k is now SDLT-free, except for second home-owners and landlords.
- An SDLT cut usually pushes prices up: a lower tax bill means buyers can afford to pay more for the same property.
- Residential property under £1.2M now attracts less stamp duty than commercial property of the same value.
- The stamp duty bill for a £1M house with a self-contained annexe? Zero. Qualifying annexes mean you can claim a relief, and it’s very substantial for high-value properties.
For more information on the changes to Stamp Duty Land Tax and for advice on how the changes affect you, or for assistance with your property purchase, please contact Iain Robinson on robinsoni@parnalls.com or on 01566 772375.
