Following on from Rishi Sunak’s Budget announced on 3rd March the Stamp Duty Holiday has been extended.
Anyone purchasing a house to replace their Main Residence or as a First Time buyer will not pay any Stamp duty up to the house price of £500,000, this will be until June 30th.
After 30th June anyone purchasing a house to replace their Main Residence will not pay any Stamp duty up to the house price of £250,000. For First Time Buyers you will not pay any Stamp Duty up to the house price of £300,000. This will be until September 30th.
After 30th September the Stamp Duty rates will return to as they were before the Stamp Duty Holiday and Stamp Duty will begin after £125,000 for replacing Main Residence and £300,000 for First Time Buyers.
If you are purchasing a property as a Buy to Let or as an additional property then Stamp Duty will be set at 3% up to £500,000 until June 30 2021.
After this it will be 3% up to £250,000 from 1 July 2021 to 30 September 2021.
Post 30 September 2021 it will then be calculated as per the old rates prior to the Stamp Duty Holiday.
The Government has updated their Stamp Duty Website and you can follow this link for more information: https://www.gov.uk/stamp-duty-land-tax .
More specific information regarding residential properties and buy to let properties can also be found on this link.
To calculate the updated Stamp Duty please follow this link: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
You may need to clarify your individual position with your Conveyancer or the HMRC directly.
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