Selling your home before LBTT on 1st April 2015
JAN 16, 2015
Are you looking to buy a new home valued over £325,000? If yes, now is the time to make your move!
From 1st April 2015, Stamp Duty will be replaced by LBTT (Land and Buildings Transaction Tax). This will benefit buyers of lower priced properties, but will cost buyers of higher priced homes thousands of pounds more.
If you buy a property at £250,000 you will pay Stamp Duty of £2,500, however, for transactions from 1st April, this amount will reduce to £2,300.
If you buy a property at £375,000 your liability to Stamp Duty, at present, will be £8,750 however, from 1st April this will increase to £14,800!
Sellers - your property needs to be on the market now to take advantage of those purchasers seeking to avoid the new tax rate.
Contact us to discuss the sale of your property.