The government have announced they are increasing the threshold at which you start paying Stamp Duty Land Tax (SDLT) from £125,000 to £500,000 with immediate effect!

This could save you thousands on your purchase.

The stamp duty holiday applies from midnight last night, which means that anyone completing a purchase of a main residence today will still get the benefit. (Which could be worth nearly £15,000 for a property priced at just under the £500,000 top limit!).

Those people buying a home over the £500,000 limit, will save on the SDLT due up to half a million pounds, but will still have to start paying the duty at 5% for the amount paid above £500,000, rising to 10% and 12% for the most expensive properties.

It is estimated the tax break will cost the Treasury £3.8bn, and is due to last until March 2021.

For further advice, please contact us today and see if we can help find you your next home.

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