This is great news! Not before time. Previously is was a bizarre and unfair tax.

At last the unfair block system has been removed and a system akin to income tax rates has been introduced. This means that the higher rate only applies to the price banding rather than the full value of the property.

Residential properties Purchase price of property Rate of SDLT…more http://lnkd.in/daGMf5D

This will free up the distortions in property prices & enable properties to be sold at market value, not a value distorted by avoidance of a major increase in SDLT costs.
A property being sold at £260,000 will now attract SDLT as follows;
The first £125000 = Nil
£125000-£500000 = £2500
£250000-£260000 = £500.
Total £3000.

Previously this would have been £7800

Well done Chancellor. Can’t remember the last time I complimented a Minister.

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