Wed 10 Dec 2014 View all news articles

The Council of Mortgage Lenders welcome stamp duty reform

The Council of Mortgage Lenders has welcomed the announcement by the Chancellor in the Autumn Statement of the reform of stamp duty land tax away from the current slab structure to a marginal system. The CML has long argued for such a reform.

CML director general Paul Smee comments:

“This fundamental reform has been a long time coming, but better late than never. Although there are losers as well as winners, the vast majority of mortgaged transactions will benefit from lower tax as a result of this move.”

CML data suggests that, among mortgaged transactions over the past year, 21.6% were for less than £125,000, 47.9% for £125,001-£250,000, 29% for £250,001-£925,000, 1.1% for £925,001-£1.5 million, and 0.4% for over £1.5 million. The proportion of mortgaged transactions that would pay less tax under the new system is around 98.5%.

You can read Karl Tatler's comment on the stamp duty reform here. Most properties listed on our website now compare previous stamp duty cost with the current saving to give you a clear understanding of exactly how much you can save on stamp duty with the new rate.

Source: Property Talk Live

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