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The government recently announced a temporary holiday on Stamp Duty Land Tax for people moving home in England. Learn how this may affect you in our latest blog by Sunderland conveyancing solicitor Rodger Wilkinson:
On 8th July, the government announced a temporary holiday on Stamp Duty Land Tax, which is the tax people pay when they purchase property or land. The amount you pay depends on the price of the land or property and what other property you already own.
This move was intended to boost the property market following the uncertainties caused by the coronavirus pandemic.
Under the Stamp Duty Holiday, most buyers will not have to pay the tax on the first £500,000 of the property transaction. This means that most people buying a home for themselves under the £500,000 threshold will pay no Stamp Duty, and most buying a home over that mark will only pay the tax on the value over that amount.
People buying a home up to £925,000 will be taxed at 5 per cent of the remaining value over £500,000, and any value between £925,000-£1.5m will be taxed at 10 per cent. Any purchase above that will be taxed at 12 per cent on the amount over £1.5m.
So, as an example, if you are buying a home for £400,000, you could save up to £10,000.
Previously, first-time buyers weren’t required to pay any tax up to £300,000, and in general, Stamp Duty Land Tax was only paid on properties bought for over £125,000.
It is predicted that nine out of ten people buying a home will not now pay any Stamp Duty Land Tax, and Chancellor Rishi Sunak said that the cost will be reduced by about £4,500 on average.
Yes. The same exemption applies for landlords and people buying second homes, but they are still required to pay the extra 3 per cent Stamp Duty Land Tax they were charged under the previous rules.
How long does the holiday apply?
The Stamp Duty holiday came into effect for all completions on or after 8 July 2020 and is scheduled to end on 31 March 2021. It does not apply to anyone who completed before 8 July, but if you exchanged contracts before that date but had not yet completed, you will still benefit.
Use our Conveyancing Calculator to understand what fees you will pay when buying a home under the Stamp Duty Holiday. Conveyancing Calculator
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