Chancellor Rishi Sunak today announced a stamp duty holiday for buyers which will run until 31 March 2021. This means that buyers will pay no Stamp Duty on the first £500k when they move home, meaning the average stamp duty bill will fall by £4,500. The proposals to exempt most homebuyers from paying any stamp duty are designed to kick-start Britain’s economic recovery.
What is stamp duty?
Stamp duty land tax (SDLT) is a lump sum payment those buying a property or piece of land over a certain price have to pay.
Prior to today, all house-buyers in England and Northern Ireland had to pay stamp duty on properties over £125,000, or if you were a first-time home buyer you did not need to pay stamp duty unless the property you were buying was more than £300,000 (or £500,000 in London).
The rate a buyer has to pay varies depending on the price and type of property – usually you would expect to pay more stamp duty if the property is worth more and Landlords pay an extra 3% of stamp duty when they purchase a buy-to-let property.
If you wish to know more about how this change will affect your property transaction or if you wish to discuss any other property matters, please contact Piers Meadows, Managing Partner of Meadows Ryan Solicitors, on 01932 852 057 or firstname.lastname@example.org