What has changed?
Chancellor Rishi Sunak has announced a Stamp Duty holiday from 8th July 2020 and up until the 31st 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 31st March 2021.
Is this a good saving?
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!
What will I now pay?
For purchases of main residences with a purchase price under £500,000.00, there will be no Stamp Duty payable.
For purchases of main residences with a purchase price over £500,000.00 to following percentages apply:
A useful calculator can be found on the government website:
https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
I’m purchasing a Buy to Let property– how does this affect me?
There has also been changes to the higher rates payable for additional dwellings.
For purchases liable to the Higher Rates for Additional Dwellings, the 3% band is increased from £125,000 to £500,000.
A helpful breakdown can be found on the government website:
https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates
How can DWS Legal help?
At DWS Legal, we understand that buying a property can be a daunting experience,
which is why we treat all cases with the diligence, attention and care that they deserve,
through staff that are experts in all aspects of the buying process.
What should I do next?
For an instant quote at a competitive price, please contact a member of our Property Team on:
T: 0116 2999 1999 Option 0