Stamp duty hit for prime buyers in April
5% Stamp Duty to cost prime buyers an extra £17,000 on average
The UK’s prime house buyers will have to pay an extra £17,112 in Stamp Duty Land Tax (SDLT) when rates increase from 4% to 5% for properties over £1m in April. The increase will bring an extra £113m into the government coffers according to research by leading property website Zoopla.co.uk.
* April’s increase in SDLT will cost £1m+ buyers £17,112 extra on average
* The average SDLT paid on £1m+ properties was £68,449 in 2010
* Increased SDLT will take average duty to £85,561 from April 6th
* Total SDLT on £1m+ properties will rise to £565m from £452m in 2010
In 2010, there were 6,610 property transactions conducted in Britain at a value over £1m with an average sale price of £1.71m, resulting in an average SDLT payable of £68,449 and a total take by the government on £1m+ properties of £452m. As of April 6th the average figure for £1m+ transactions will rise to £85,561 with the government collecting £566m p.a., an extra £113m annually at the expense of the British property millionaire.
Closer analysis shows that as much as being a wealth tax, the increase in SDLT at the £1m threshold is a regional tax since 85% of the total stamp duty paid on £1m+ properties last year came from transactions in London and the South East.
Nicholas Leeming of Zoopla.co.uk, commented: “The government has identified a rich seam of revenue by raising taxes on those buying the most expensive properties in the country. However, with £1m buying little more than a 2 bedroom flat in some parts of the capital, the extra Stamp Duty will not be insignificant for families trying to move up the property ladder in and around London, where the lion’s share of the burden will fall. We may see a small tick up in transactions ahead of April with some buyers trying to beat the deadline but overall the rate change is unlikely to have a major impact on the performance of the prime market over the longer term.”
Source – Zoopla.co.uk
It’s energy saving week this week!
The energy saving trust are stepping up the mark and have lots planned this week to help save energy. This years theme is waste, where they are helping people all over the UK to stop wasting time, energy and money! That sounds pretty good to me…we could all do with a bit of that couldn’t we?
The energy saving clock - a cool little feature on their website gives you some great little tips for helping the planet and yourself. Or why not have a look at Dave’s tip’s for saving a bit of dosh and keeping toasty this winter.
If you want to get involved or just want some more energy saving tips, have a look at their website…I promise you’ll be brimming with ideas after a few minutes on there!
Saving energy and money at work
At Greene and Co, we care about the environment and I always read with interest anything that offers advise on saving the planet. Not only is it a great thing to help our lovely little earth, but on a more personal level it usually helps you save some money too!
I found this great little article on the Energy Savings Trust website which offers all sorts of easy little tips to help you do your bit and save a few hard earnt pennies along the way, including:
Hold meetings online rather than in offices
If your company has several different office, think about using video conferencing facilities instead of sending staff to meet face to face. If your company can’t justify the expense of a packaged video conferencing suite, think about using the free Apple iChat or Microsoft Netmeeting web conferencing software. Your IT team (or an IT contractor) should be able to set it up easily.
What a brilliant tip - not only saves money on travel, but saves time too…something we’re all a bit short of.
London on the cheap
‘It can’t be true’, I hear you cry! Yes, it can be done - you can enjoy Londons delights with just a few mere pounds, a shirt button and some fluff. Take that credit crunch, I won’t let you spoil my fun!
