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08th July 2020

Stamp Duty Land Tax (SDLT) reduced for residential properties.

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Individuals buying a house between 8 July 2020 and 31 March 2021 will only pay SDLT on a property worth more than £500,000 following an announcement by the Government today. The new rates set out below apply whether you are buying your first home or have owned property before and are effective immediately.

Property or lease premium or transfer value
SDLT rate
Up to £500,000
Zero
The next £425,000 (the portion from £500,001 to £925,000)
5%
The next £575,000 (the portion from £925,001 to £1.5 million)
10%
The remaining amount (the portion above £1.5 million)
12%

The 3% higher rate for purchases of second homes or purchases by trustees applies on top of the revised standard rates above.

For more information on any of the items raised in this article please contact James Owen by clicking here.