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How might the Stamp Duty Holiday help me?
Stamp Duty Land Tax Holiday Announced
Added 09th July, 2020
The Chancellor has announced that from 8th July, there will be a change to the residential Stamp Duty Land Tax (SDLT) rate applied to the purchase of a qualifying main residence where the value of that residence is £500,000 or less. From today a rate of zero will be applied to qualifying residences with a value of £500,000 and under
SDLT is currently payable upon purchase of residential property or land in England or Northern Ireland with the zero-rate threshold previously set at £125,000 (or £300k for first time buyers) with a tiered system as the price increases.
This will allow those purchasing a property additional funds to put towards their new home, for example prior to the newly announced SDLT holiday purchasing a property for £275,000 would have had £3,750 due in tax.
This SDLT holiday is in place until 31st March in 2021.
If you have any queries about residential conveyancing and property purchases please do not hesitate to contact our experienced team.
