Stamp Duty Holiday
Posted on 10th July 2020 at 09:33
There will be no Stamp Duty Land Tax payable on residential purchases until 31st March 2021! 9 out 10 movers affected!
Stamp Duty Holiday - Main Home (only property)
Until 31st March 2021 there will be nil stamp duty payable on the first £500,000 of transactions in England and Northern Ireland.
This means that more nearly 9 out 10 existing home owners in England will pay no duty until next year.
Here are some examples of how much people will save in stamp duty.
Next time buyer for a personal home will save:
Stamp Duty Holiday - Investment Property and Second Homes
Investment Property and second homes will also be affected, There will be a holiday on the basic duty, although the 3% additional duty will remain up to £500,000. This is extremely good news for investors, as the duty on a £500,000 property would usually be £30,000, so the new relief is an important boost to anyone looking to purchase for this purpose.
Price Original Duty Holiday saving 3% Duty until March 2021
£200,000 £7,500 £1500 £6,000
£350,000 £18,000 £7.500 £10,500
£500,000 £30,000 £15,000 £15,000
It is not yet clear whether the SDLT holiday will impact on property of higher values.
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