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Some 69% of home buyers across the UK are likely to benefit from the new Stamp Duty regime that was announced in December, according to new research. It is likely that 29% will experience no change and just 2% will pay more, overall in the UK, says data produced by the Nationwide Building Society, the mutual which campaigned for changes to be made. Based on 2013/2014 transactions data from the Land Registry, HMRC and the Council of Mortgage Lenders Regulated Mortgage Survey there will be an average saving of around £1,580 across a total of 647,000 sales. Overall home buyers in the UK could save £1 billion as a result of the Stamp Duty changes. For home buyers in England, Wales and Northern Ireland, the introduction of a progressive Stamp Duty Land Tax system came into force on 04 December 2014, while for Scottish buyers the Land and Buildings Transaction Tax changes are to be implemented on 01 April 2015. As a result, the average tax payable on the purchase of a home is likely to fall across the UK, with the average saving for each country, based on Nationwide’s analysis of Land Registry and Regulated Mortgage Survey data, is projected to total £912 million in England, £24 million in Wales, £82 million in Scotland and £6 million in Northern Ireland. ‘It’s gratifying to see the changes that Nationwide campaigned so long for, making such a substantial difference to the pockets of home buyers across the UK,’ said Graham Beale, Nationwide’s chief executive. ‘With the implementation of the new progressive approach in Scotland just around the corner, buyers across the UK will now only pay for the amount of their property value over each new threshold, a victory for fairness and another encouraging step for all those considering a move on to or further up the housing ladder,’ he added. For both England and Scotland, most likely to benefit from the changes are those looking to move up the housing ladder although duty payable on properties over £330,000 will be more expensive in Scotland than in England. It is expected that 2% in England will pay more, for 27% there will be no change and 72% will benefit. In Wales no one will pay more, 47% will see no change and 53% will be better off. In Scotland 5% will pay more, the highest in the country, 38% will see no change and 57% will benefit. While in Northern Ireland again none will pay more, 61% will see no change and just 39% will benefit. Continue reading →
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