In light of the Government’s announcement relating to Stamp Duty, many of you are probably wondering if this affects you.
The Stamp Duty holiday comes into effect immediately. This means that any property purchase that completes from the 8th July 2020 will be exempt from stamp duty on anything up to a price of £500,000. If the property is under this sum, there will be nil stamp duty payable. Yes…you heard correctly. If the purchase price is above this sum, buyers will only be subject to a percentage tax on the amount above the threshold.
The new rules are applicable to first time buyers and to those who are selling and replacing their main residence. Unfortunately, those who own two dwellings or more, will still be required to pay the additional 3% surcharge.
Nothing lasts forever though and the Government has said that this holiday is for a limited time only, until 31 March 2021.