Great News for buyers who are thinking of starting or moving up on the property ladder.
Chancellor Rishi Sunak has announed today that the threashold for Stamp Duty will be increased to £500,000. This is from today until 31 March 2021.
What a great announcement for people who are thinking of starting to buy or even moving up on the property ladder. You will pay NO Stamp Duty for properties up to £500,000. This is a big amount.
Residential Rates on purchases from 8 July 2020 to 31 March 2021
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. For Stamp Duty Land Tax Calculator Click Here
Example
Up to £500,000 - Zero Stamp Duty
The next £425,000 (The portion from £500,001 to £925,000 - 5% Stamp Duty
The next £575,000 (The portion from £925,001 to £1.5 million - 10% Stamp Duty
For more information go to the www.gov.uk