Some SD reform at last
All previous SD bands abolished with respect to residential property trasactions.
New system
First 125,000 exempt from SD
126,000-1,000000 7% SD
Moiety >1,000000 9% SD
SD claw back reduced from 5yrs to 2yrs
Probably not enough to kick start the once booming property market but still first time buyers are assured a more equitable system all round. The reduction in SD clawback to 2 yrs will suit first time buyers as a 2 yr committment is a lot fairer than the previous 5yr system.
All previous SD bands abolished with respect to residential property trasactions.
New system
First 125,000 exempt from SD
126,000-1,000000 7% SD
Moiety >1,000000 9% SD
SD claw back reduced from 5yrs to 2yrs
Probably not enough to kick start the once booming property market but still first time buyers are assured a more equitable system all round. The reduction in SD clawback to 2 yrs will suit first time buyers as a 2 yr committment is a lot fairer than the previous 5yr system.