Stamp Duty – what’s changing? 21 Jun 2021
The Stamp Duty Tax holiday comes to an end on the 30th June, so what does this mean for those purchasing a property beyond this date?
For nearly a year, there has been no stamp duty on a property purchase priced at £500,000 or below (this applied to first time buyers and those moving, not sencond homes or landlords). From the 1st July, there will be a staggered return to the original thresholds. The nil-rate will be lowered to £250,000 (so you won’t pay stamp duty up to that amount) until the 30th September. After that, from October 1st, it will return to £125,000.
The amount of stamp duty you pay can vary on a number of factors, including the price you pay for the property, its location, whether you are a first time buyer and also the purpose of the purchase – for example, as a mina home, holiday home or an investment. You can find out more on the government’s website here.