Scotland – Stamp Duty Loser

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.

 

 

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