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Stamp Duty Holiday

 

 

Stamp Duty Land Tax (SDLT) is payable if you buy a property or land in England and Northern Ireland. This is Land and Building Transaction tax in Scotland and Land Transaction Tax in Wales.

 

Currently SDLT is only payable on residential properties over £500,000 as a relief through the government to keep the property market moving. This is in place until April 2021.

 

From April 2021 the threshold will be £125,000 for residential properties which is the same as before the relief was applied.

 

First Time buyers will still have a relief up to £500,000 (all parties purchasing must be first time buyers). If a first time buyer purchases a property over £500,000 the standard rate for stamp duty would apply.

 

The SDLT is based on the price you pay for the property, this will be arranged by your solicitor and payable to your solicitor prior to completion on your property.

 

If you purchase a new residential property but also keep your current property you pay a higher rate which is usually 3% on top of the standard rates. This does not apply if you are replacing your main residence as long as it is sold on the day you complete on the new property. If you sell your current property after completion on the new property you have 36 months to claim a refund if you sell your previous home.

 

Click the link below to estimate your stamp duty costs:
https://www.willowbrookmortgages.co.uk/mortgage-calculator-and-tools/

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