The government has announced welcome changes to Stamp Duty Land Tax (SDLT) with immediate effect. The changes will apply until 31st March 2021 and will boost the housing market following the UK's lockdown.
Buyers looking to purchase a property under the value of £500,000 will enjoy savings on SDLT, with no tax to pay. For properties over the value of £500,000, or for those looking to buy a second home (a 'secondary residence'), SDLT will apply as follows:
|Property value||SDLT rate (primary residences)||SDLT rate (secondary residences)|
|Up to £500,000||0%||3%|
|The portion from £500,000 to £925,000 (the next £425,000)||5%||8%|
|The portion from £925,001 to £1.5 million (the next £575,000)||10%||13%|
|The portion above £1.5 million||12%||15%|
The SDLT holiday means buyers will likely save thousands of pounds when purchasing before 31st March 2021, making moving house more affordable.
Visit The Guild of Property Professional's SDLT calculator to find out how much tax you will pay on your next move.
For more information on buying and selling, contact our branch teams in Crossgates, Garforth, Rothwell and Sherburn in Elmet.Back to Blog