Stamp Duty Rates Temporarily Reduced!
The UK Government recently announced a reduction to Stamp Duty Land Tax rates for properties purchased between 8th July 2020 and 31st March 2021.
Here’s what you need to know…
Will I have to pay Stamp Duty on my property?
First-time buyers can expect to pay zero Stamp Duty Land Tax on any property valued below £500,000 and purchased between 8th July 2020 and 31st March 2021.
For properties valued above £500,000, the following rates will apply:
Property value Stamp Duty Land Tax rate
£500,001 – £925,000 5%
£925,001 – £1.5 million 10%
Anything above £1.5 million 12%
What if I’m not a first-time buyer?
The revised rates as outlined above will still apply, with the additional 3% higher rate which is applied to the purchase of additional properties.
Here’s what you’ll be expected to pay in Stamp Duty Land Tax if you purchase a property which is not your first between 8th July 2020 and 31st March 2021:
Property, lease premium or transfer value Stamp Duty Land Tax rate
Up to £500,000 3%
£500,001 – £925,000 8%
£925,001 – £1.5 million 13%
Anything above £1.5 million 15%
Are you looking for a reliable solicitor to help you complete the sale of your home?
At DRN, we know that buying a house is one of the most important, and expensive, decisions you’ll ever make.
All of our conveyancers are fully qualified and experienced solicitors who you can trust to work on your behalf and ensure everything goes smoothly.
We offer a comprehensive range of property services, many of which are available as part of our fixed price package.
There are no hidden costs on top of our conveyancing fees. We don’t charge anything extra for bank transfers, completing forms, dealing with leasehold titles, handling mortgages, or any other general administrative task.
We’re also accredited by the Law Society’s Conveyancing Quality Scheme – the mark of excellence for those involved in property law.
Ready to buy or sell your next home? Contact our team today on 01282 433241, and we’ll be happy to help!