Stamp Duty Land Tax is one of the most significant costs involved in moving, so anyone thinking about a move needs to act soon to avoid paying thousands in tax.
In July 2020, the Chancellor of the Exchequer announced a temporary stamp duty holiday and cut the tax applicable for house buyers to zero for all properties under £500,000.
This holiday was due to end on the 31st March 2021, but the scheme has been extended until the end of June 2021.
From 1 July 2021, the Nil Rate Band will reduce to £250,000 until 30 September 2021 before returning to £125,000 on 1 October 2021.
Delaying your move beyond June could costs you around £10,000 on an example property purchase of £400,000, so a big incentive to act sooner.
You can find out how much you will or won't have to pay by using the SDLT Calculator.
On average, it can take between 8-12 weeks to complete a sale/purchase of a property, so homeowners looking to move and avoid paying thousands in tax will need to get a move on!
More good news
If you haven't listed your property for sale yet, there is still time. You'll need to book your free valuation online today or give us a buzz on 01302 247754, so we can help you plan your move.
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