The government have announced that the SDLT (Stamp Duty Land Tax) will be temporarily cut for property purchases under £500,000. This applies to anyone who will be completing on a purchase between 08 July 2020 and 31 March 2021.
This is great news for anyone who is looking to purchase a property, but an extra special bonus for those already buying and who have not yet completed on their sale, as they will now be saving thousands too.
The government will temporarily increase the Nil Rate Band of Residential SDLT, in England and Northern Ireland, from £125,000 to £500,000. This means that nearly nine out of ten people getting on or moving up the property ladder will pay no SDLT at all.
Unfortunately, purchases of second homes like investment properties or holiday homes will still have to pay the 3% rate, but may benefit a little if they are buying more expensive properties.
You can find more about the government announcement here and use the SDLT Calculator to find out how much you will or won't be paying.
Please give us a buzz on 01302 247754 if you would like to know how this may affect you.
