Stamp Duty Holiday
Earlier this year, the Government revealed a temporary holiday on stamp duty to eliminate the tax payable on the first £500,000 of all home purchases.
To help you better understand the stamp duty holiday, we’ve put together a short guide to stamp duty; what it is, when it’s payable and the rules of the holiday, below:
What is stamp duty?
Stamp duty is the tax levied on property purchases. The tax applies to both freehold and leasehold properties, whether you’re buying outright or with a mortgage. It is calculated in bands, for example 0% on the first £500,000, 5% on the next £425,000, 10% on the next £575,000 and 12% on the remaining amount.
The deadline for paying stamp duty and getting stock transfer documents to the Stamp Office is no later than 30 days after they’ve been dated and signed.
What does the stamp duty holiday mean?
The stamp duty holiday means that up until the 31st March 2021, you only need to pay stamp duty 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 a property before.
For example, you could save up to save up to £15,000 (up to £500k) on a brand new home at Samuel Square.
You can use the official, Stamp Duty Land Tax (SDLT) calculator to work out how much stamp duty you will need to pay, here.
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