Property in: LONDON
Stamp Duty holiday

Stamp Duty holiday 2020

1 minutes

England and Northern Ireland announced an immediate cut in the rate of stamp duty (SDLT), by raising the threshold for the main rate of stamp duty to £500,000 until 31 March 2021.

This means anyone purchasing a main residence costing up to £500,000 between 8 July and 31 March will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount.

For example, a purchase at £300,000 it will represent a £5,000 saving (one already available to first time buyers), while for those buying a property for £500,000 or more it will result in a £15,000 reduction in transaction costs.

Stamp Duty holiday

For those buying second homes or investment properties the 3% “additional homes surcharge” will still apply to the entirety of the purchase price.

This should act as a further spur to the market in England and make buyers that little bit more committed.

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