Stamp Duty UPDATE

Over the past year, those looking for a home have been granted free stamp duty, depending on the price of the home they are planning to buy.

Since last July, potential homeowners haven't had to pay tax on homes up to £500,000. The removal of the stamp duty tax was brought in to help aid the housing market. Since then, we have seen house prices surge upwards.

It has meant that people could get a saving of up to £15,000 if their home was worth £500,000.

So, when does the stamp duty holiday end?

  • An estate agent's sold sign outside a property
  • Stamp duty holiday will end on June 30.

That means that potential homeowners who want to move, will have to move before that date to make sure they don't pay stamp duty on homes.

What changes will be introduced?

  • After June 12, there is a staggered return to previous stamp duty rates.
  • It means you won't pay any stamp duty on the first £250,000 of the purchase price.
  • From 1 October 2021, rates are due to return to normal and you can find the original rates here.

You need to have completed your property purchase by 30 September to benefit from the stamp duty holiday. If you exchange on or before September, but complete after 30 September, then you'll have missed the deadline and will need to pay the normal rate of stamp duty.

For more information about stamp duty holidays or other subjects get in touch, by either call or email at 01952 825987,