olismith89
New Member
- Joined
- Dec 4, 2014
- Messages
- 12
Hi there, Currently trying to work out how to calculate stamp duty in Excel as the rates changed yesterday. The new stamp duty rates are as follows:
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These percentages are only paid on the excess of the value stated. Here is an example: A buyer exchanges contracts for the purchase of a house for £275,000, Under the new rules the <abbr title="Stamp Duty Land Tax">SDLT</abbr> is calculated as follows:
0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £25,000 = £1,250
Total <abbr title="Stamp Duty Land Tax">SDLT</abbr> payable = £3,750
This makes the formula a little trickier than before, but I'm sure that you can help me
Purchase price of property | Rate of <abbr title="Stamp Duty Land Tax">SDLT</abbr> |
---|---|
Up to £125,000 | Zero |
Over £125,000 to £250,000 | 2% |
Over £250,000 to £925,000 | 5% |
Over £925,000 to £1.5 million | 10% |
Over £1.5 million | 12% |
<tbody>
</tbody>
These percentages are only paid on the excess of the value stated. Here is an example: A buyer exchanges contracts for the purchase of a house for £275,000, Under the new rules the <abbr title="Stamp Duty Land Tax">SDLT</abbr> is calculated as follows:
0% on the first £125,000 = £0
2% on the next £125,000 = £2,500
5% on the final £25,000 = £1,250
Total <abbr title="Stamp Duty Land Tax">SDLT</abbr> payable = £3,750
This makes the formula a little trickier than before, but I'm sure that you can help me
