stamp duty holiday faqs

<p><strong><u>What has changed? </u></strong></p> <p>Chancellor Rishi Sunak has announced a Stamp Duty holiday from 8^th July 2020 and up until the 31^st March 2021.  This Stamp Duty holiday means that anyone who is completing the purchase of their main residence, will not pay Stamp Duty on the first £500,000.00 of the purchase price up until 31^st March 2021.</p> <p> </p> <p><strong><u>Is this a good saving? </u></strong></p> <p>Chancellor Rishi Sunak said: “The average stamp duty bill will fall by £4,500. And nearly nine out of 10 people buying a main home this year, will pay no stamp duty at all” – meaning there has never been a better time to move home or even get on the property ladder!</p> <p> </p> <p><strong><u>What will I now pay? </u></strong></p> <p>For purchases of main residences with a purchase price under £500,000.00, there will be no Stamp Duty payable.</p> <p>For purchases of main residences with a purchase price over £500,000.00 to following percentages apply:</p> <p>A useful calculator can be found on the government website:</p> <p><a href="https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro">https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro</a></p> <p> </p> <p><strong><u>I’m purchasing a Buy to Let property– how does this affect me? </u></strong></p> <p>There has also been changes to the higher rates payable for additional dwellings.</p> <p>For purchases liable to the Higher Rates for Additional Dwellings, the 3% band is increased from £125,000 to £500,000.</p> <p>A helpful breakdown can be found on the government website:</p> <p><a href="https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates">https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates</a></p> <p> </p> <p><strong><u>How can DWS Legal help? </u></strong></p> <p>At DWS Legal, we understand that buying a property can be a daunting experience,<br/> which is why we treat all cases with the diligence, attention and care that they deserve,<br/> through staff that are experts in all aspects of the buying process.</p> <p> </p> <p><strong><u>What should I do next?</u></strong></p> <p>For an instant quote at a competitive price, please contact a member of our Property Team on:</p> <p>T: 0116 2999 1999 Option 0</p> <p>E: <a href="mailto:info@d-w-s.co.uk">info@d-w-s.co.uk</a></p>