Stamp Duty Holiday – What Do I Need To Know?


Did you know? The stamp duty holiday is still available until 1st October 2021 on properties below £250,000… this could save you thousands!

When do the stamp duty rates change?

In a bid to give a boost to the property market and mitigate the economic crisis caused by COVID-19, Chancellor of the Exchequer Rishi Sunak announced an extension to the Stamp Duty holiday. This meant that no Stamp Duty taxes applied on properties up to £500,000 until June 30th and until 30th September 2021, will only apply to properties up to £250,000, allowing hundreds of thousands of buyers to save up to £15,000!

The pre-covid stamp duty thresholds will then resume on October 1st.

Key Dates

8th July 2020:

A temporary cut to Stamp Duty Land Tax was introduced by Chancellor Rishi Sunak, increasing the nil-rate threshold from £125,000 to £500,000, until 31st March 2021.

3rd March 2021:

Due to the high volume of home sales underway, Chancellor Sunak announced an extension to the Stamp Duty holiday by 3 months until June 30th, allowing these properties to complete and meet the deadline. The nil rate band (the portion of the property purchase that does not acquire stump duty tax) will also be lowered to £250,000 from July 1st, returning to the usual threshold of £125,000 from October 1st.

30th June 2021:

In order to benefit from the maximum stamp duty holiday savings, properties must have completed by June 30th.

1st July 2021:

From 1st July – 30th September the threshold will be lowered and buyers will not pay stamp duty on the first £250,000 of the purchase price.

30th September 2021:

In order to benefit from the above you must complete on a property by 30th September.

1st October 2021:

Stamp duty rates will return to their original level prior to July 8th 2020 and normal stamp duty rates will apply – you can find the rates below;

£0 to £125,000 = 0 percent

£125,001 to £250,000 = two percent

£250,001 to £925,000 = five percent

£925,000 to £1,500,000 = 10 percent

£1,500,000+ = 12 percent

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