Stamp Duty Land Tax
Stamp Duty Holiday
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! (08/07/2020)
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. Contact Us
Please note due to the lateset Government announcement we are currently re-configuring our stamp duty calculator and hope to have it with you shortly.
If you buy either property or land in the UK you have to pay Stamp Duty Land Tax (SDLT).This is charged on all purchases of houses, flats and other land and buildings.
The SDLT rate depends on:
- The purchase price of the property
- Whether the property is residential
- Whether the property is in a disadvantaged area
- Whether you own another more than one home (3% surcharge)
Stamp Duty Land Tax is normally paid directly to your solicitor with your funds for the purchase of the property.
Stamp Duty Land Tax rates on residential land or property:
|Purchase Price of Property||Rate of SDLT*|
|£0 – £125,000**||0%|
|£125,001 – £250,000**||2%|
|£250,001 – £925,000||5%|
|£925,000 – £1.5 Million||10%|
|Over £1.5 Million||12%|
*(% of total purchase price)
** Please note due to the Stamp Duty Holiday, the threshold to start paying Stamp Duty has risen to £500,000