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Budget UPDATE 2014 - Cutting Stamp Duty

In today’s Autumn Statement, George Osborne has announced historic Stamp Duty Reform.  Under the old rules, you would have paid tax at a single rate on the entire property price. Now you will only pay the rate of tax on the part of the property price within each tax band – like income tax.

For example, under the old rules if you bought a house for £185,000, you would have had to pay 1% tax on the full amount – a total of £1,850. Under the new rules, for the same property you’ll pay nothing on the first £125,000 and 2% on the remaining £60,000. This works out as £1,200, a saving of £650.

See the attached photo for more information, however if you have any further queries please do not hesitate contact any of our 5 offices.  Open 7 days a week..

Stamp Duty Cut

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