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Stamp Duty Land Tax

Stamp Duty Land Tax

The Government have extended the Stamp Duty holiday...

Let’s talk about the savings you could make.

Overview

As of 8 July 2020 until 30 June 2021, if you purchase a residential property you will not need to pay Stamp Duty on homes up to £500,000 whether you are buying your first home or have owned a property before.

For all other buyers, for example those who own more than one home, or buy-to-let properties, you will have to pay an additional 3% on top of the below revised standard rates.

 

Example:

If you buy a home for £600,000, the Stamp Duty owed will be calculated* as below, based on owning only one home:

0% on the first £500,000 = £0
5% on the next £100,000 = £5,000
Total SDLT = £5,000

 

Stamp Duty for buyers owning a single property

Property price   SDLT rate
Up to £500,000   Zero
£500,001 to £925,000   5%
£925,001 to £1.5 million   10%
Above £1.5 million                            12%
     
     

 

What happens from 1 July 2021 to 30 September 2021?

 

Stamp Duty for buyers owning a single property 

Property price   SDLT rate
Up to £250,000                                  Zero
£250,001 to £925,000)   5%
£925,001 to £1.5 million   10%
Above £1.5 million   12%
     
     

 

What happens from 1 October 2021?

  

Stamp Duty for buyers owning a single property

Property price   SDLT rate
Up to £125,000                                  Zero
£125,001 to £250,000)   2%
£250,001 to £925,000   5%
£925,001 to £1.5 million   10%
 Above £1.5 million   12%
     

 

 

Stamp Duty needs to be paid within 30 days of completion.

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Stamp duty to pay

*The Stamp Duty calculator above is designed to give you an idea of your Stamp Duty liability when buying a home in the UK, based on owning only one home. This should be used as a guide only, and we cannot guarantee the accuracy of the results. Stamp Duty calculations are rounded to the nearest pound.

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