Stamp Duty Tax Update
The Government has recently announced that stamp duty rates won’t be returning to normal until October 2021.
This means that from July, the nil rate band will move to £250,000 until the end of September, and the usual level of £125,000 will only return on 1st. October.
If you purchase a property between 1st July 2021 to 30th September 2021, you only start to pay stamp duty tax on the amount above £250,000.
For example, if you buy a house for £600,000, you will pay nothing on the first £250,000 and then 5 per cent on the remaining £350,000. If you purchase a property that is £250,000 or below between 1st July and 30th September, then you will not be required to pay stamp duty until 1st October.
First time buyers can also benefit, as from 1st July they will pay no stamp duty on properties which are under £300,000, which increases to five percent if the property is between £300,000 and £500,000.
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