In yesterday’s Summer statement, the Chancellor revealed a new Stamp Duty holiday that will be in place until 31stMarch 2021.
What is Stamp Duty?
Stamp Duty is a lump-sum tax that is due on purchases of property or land. The rate of tax depends on the price and type (i.e residential or commercial).
What are the changes?
Homebuyers currently pay stamp duty on properties worth more than £125,000, with a 2% rate on properties worth up to £250,000 and 5% on properties up to £925,000.
The new threshold is set at £500,000.
It isn’t just first-time buyers that will benefit from this, landlords have a huge opportunity to expand portfolios as stamp duty bills have been significantly reduced for properties under £500,000 by the Chancellor.
Companies as well as individuals buying residential property worth less than £500,000 will also benefit from these changes, as will companies that buy residential property of any
value where they meet the relief conditions from the corporate 15% SDLT charge.
The Stamp Duty holiday will hopefully entice movers who were put off from lockdown to enter to the market!
For more information on the government’s announcement, click here.
If you’re ready to get moving or just want some more information and advice, call our head office on 0113 244 0251 or email us at email@example.com to see how we can help!