After the economy takes a hit due to the ongoing Coronavirus pandemic, yesterday the chancellor of the exchequer made a statement with his recovery plan. Announced as part of this plan is a stamp duty holiday, which will take immediate effect as of the 8th July 2020 and last until 31st March 2021.
For anyone looking to purchase a new Willan Home this is pleasant news meaning that for a temporary period you only start to pay stamp duty on properties over £500,000, this is up from the previous threshold of £125,000. As an example, someone buying the average home in England, worth £248,000, will pay no stamp duty at all, a saving of £2,460.
The new rates apply whether you are buying your first home or are looking to move out of your current property. If you are purchasing a second home you may be subject to paying stamp duty land tax.
Use the SDLT calculator and get the most up to date government information on stamp duty by clicking here.