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Stamp Duty Holiday
The Chancellor of the Exchequer, Rishi Sunak, has today announced a Stamp Duty holiday on properties up to the value of £500,000.00.
Stamp Duty will not be payable on any sole property purchases below the value of £500,000.00 provided completion takes place before 31 March 2021. The changes are effective from today, 8 July 2020.
This is a significant increase in the previous Stamp Duty non-payment threshold for residential properties that was £125,000.00 (or £300,000.00 for first time buyers).
The changes will also benefit purchasers of buy-to-let properties and second homes, although they will still be required to pay the additional 3% higher rate Stamp Duty uplift on the whole of the purchase price.
Added: 08 Jul 2020 15:43
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