Stamp Duty Holiday
Save up to £15,000 in stamp duty before Wednesday 30 June 2021.
In July 2020, Government announced a stamp duty holiday for England and Northern Ireland.
The temporary increased stamp duty threshold rose to £500,000 on 8 July 2020 and will remain in effect until Wednesday 30 June 2021, before reducing to £250,000 until Thursday 30 September.
The new threshold applies to those purchasing their primary residence and represents a rise in the tax-free limit from £125,000 (£300,000 for first-time buyers).
This means that for those purchasing properties with a purchase price of £500,000 or less, there will be no requirement to pay stamp duty, provided the completion date takes place before 30 June 2021. For properties priced over £500,000, there will be no stamp duty requirement on the first £500,000, of the purchase, but any amount over this will be charged stamp duty at the standard rate.
Those buying second homes or buy-to-let properties will also benefit from the change, but will still be eligible for a 3% extra duty which is due on the entire purchase price.
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