Dreaming of a Summer (Stamp Duty) Holiday?
Save Thousands with the Stamp Duty Holiday
In July the Chancellor announced a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland. Whether you are a first-time buyer or you are moving from an existing property to a new Larkfleet home – you can save thousands if you complete with us before the end of March 2021.
Stamp duty land tax (SDLT), often known simply as stamp duty, is a tax paid by people buying properties. The amount depends on the price of the property. The tax threshold has been temporarily raised to half a million pounds until 31 March 2021 to boost the property market and help buyers who would otherwise have struggled to buy a home because of the coronavirus crisis.
How much could you save?
Put simply, the more expensive the property you are buying, the higher the stamp duty would have been – so the more you will save if you can buy it before 31 March 2021. The maximum amount a buyer could save would be if they bought a home worth £500,000 which is the threshold for the exemption. Stamp duty on this would have been £15,000, but under the holiday rules, the buyer would have no stamp duty to pay.
The average stamp duty bill will fall by £4,500, Chancellor Rishi Sunak has suggested, with nearly nine out of 10 people buying a main home this year paying no stamp duty at all.
What has changed?
Before the announcement, stamp duty in England and Northern Ireland was paid on land or property sold for £125,000 or more, while first-time buyers did not pay any stamp duty up to £300,000. So, this stamp duty holiday replaces the first-time buyer discount and increases their zero stamp duty threshold from £300,000 to £500,000.
This stamp duty holiday is a welcome boost for home buyers after the recent lockdown period, and offers potentially huge savings. To find out more about stamp duty rates and thresholds, click here