New Stamp Duty Calculations
How can I use numbers to calculate the new stamp duty charge? The new stamp duty rates are:
nothing on the first £125k
2% on the next £125k
5% on the next £675K
10% on the next £575k
12% on the rest (above £1.5M)
In excel this formula worked:
=SUMPRODUCT(--(A1>{125000;250000;925000;1500000}), (A1-{125000;250000;925000;1500000}), {0.02;0.03;0.05;0.02})
Note the rates at the end are marginal interest rates, and A1 is the property value.
However, the formula SUMPRODUCT does not seem to work in numbers. Is there a way round this? Any help massively appreciated. Thank you!