The New Stamp Duty Bandings that will take effect from midnight will reduce the duty payable for most home purchases up to £937,500. The bandings are very similar to those that will be introduced in Scotland next April, however for properties selling between £250,000 to £925,000 the marginal rate of duty payable will be double.
How the systems compare
Price Band UK Stamp Duty from December 2014 Scottish Land & Building Tax April 2015
0-£125,000 0% 0%
£125,001- £135,000 0% 0%
£135,001-£250,000 2% 2%
£250,001-£925,000 5% 10%
£925,000- £1m 10% 10%
£1m-£1.5m 10% 12%
£1.5m + 12% 12%
This means that from April 2015 anyone purchasing a new home in Scotland below £250,000 will be £200 better off- however anyone buying above this level will become considerably worse off as the price rises. From April 2015 a property purchased in Scotland for £925,000 will cost the buyer a whopping £33,500 more than the equivalent property south of the border.