The Chancellor of the Exchequer delivered his Autumn Statement to Parliament on 3 December 2014. Full details of all announcements, supporting documents and information are available from Autumn Statement 2014.
The government announced a major reform to Stamp Duty Land Tax (SDLT) on residential property transactions. From 4 December, each new SDLT rate will only be payable on the portion of the property value which falls within each band (rather than tax being due at one rate on the entire value). The government also set out new rates and rate bands for these transactions. This reform makes SDLT more efficient and fairer, and ensures that SDLT will be cut for 98% of people who pay it.
The New SDLT calculator works out the SDLT you’ll have to pay for residential purchases (including lease premium) using new rules effective from 4 December 2014. It also shows how much SDLT is due under the previous rules and for non-residential purchases.
The legislation, explanatory note and tax information and impact note relating to this reform are available below.