Reduced rates of Stamp Duty Land Tax (SDLT) will apply for residential properties purchased from 8 July 2020 until 31 March 2021.
Therefore, If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000.
These rates apply whether you are buying your first home or have owned property before.
- Property or lease premium or transfer value SDLT rate
- Up to £500,000 Zero
- The next £425,000 (the portion from £500,001 to £925,000) 5%
- The next £575,000 (the portion from £925,001 to £1.5 million) 10%
- The remaining amount (the portion above £1.5 million) 12%
The SDLT reductions are welcomed by property purchasers and the housing market place alike. The savings should help to boost the economy following the COVID19 crisis.
Should you have any questions regarding the new rates of SDLT please call a member of our conveyancing team who will be happy to help.