The January Finance column from David Butler of Clay Shaw Butler
By David Butler, director of Clay Shaw Butler chartered accountants and business consultants. January is the busiest month of the year for us at Clay Shaw Butler as we make sure everyone gets their tax returns sorted before the deadlines. But that doesn’t mean we ignore the other issues pressing on the minds of our customers. One of those issues has surrounded the reforms on Stamp Duty Land Tax (SDLT). The Chancellor of the Exchequer George Osborne announced changes to SDLT on residential property transactions in his Autumn Statement. This change applies to you if you are buying a home in the UK for over £125,000. Stamp duty will be cut for 98% of people who pay it. If you’re buying a home for less than £937,500, you will pay less stamp duty, or the same. Historically, SDLT has been charged at a single percentage of the price paid for the property, depending on the rate band within which the purchase price falls. Now, the SDLT system has been changed and each new SDLT rate will only ...