Changes to Stamp Duty
If you're thinking of buying a new home, then now is the best time to take advantage of the new stamp duty holiday. These changes are now in effect, so there’s no time to waste on that next move or first purchase.
When you purchase your new home and complete before 31st March 2021, you'll have no stamp duty to pay. Whether you're a first time buyer or a home owner, if your new home is valued up to £500,000 there's nothing to pay – saving you up to £15,000.
This offer is only valid provided your new home will be your main residence, and the purchase is completed between 8th July 2020 and 31st March 2021.
If you buy a home with a completion from 1st April 2021 onwards, stamp duty applies. Please speak to us for details.
Stamp duty is the tax that the Government charge on buying a new home in England and Northern Ireland and is paid on completion of your purchase.
You must purchase a home in England or Northern Ireland and complete that purchase between 8th July 2020 and 31st March 2021. The home must be valued up to £500,000.
For homes between £500,001 and £925,000, you’ll pay 5% on the amount over £500,001. For homes between £925,001 and £1,500,000, you’ll pay 10% on the amount over £925,001.
The stamp duty that was payable and now qualifies for exemption will not be required to be paid. Your solicitor will be able to assist you with any queries you may have.
You’ll still be eligible for this break but will continue to pay the extra 3% previously charged for second homes.