Have a look at our you tube video which helps explain the rates from now until the end of June and then the rates which run through to end of September 2021. https://youtu.be/8tx2BRXCMTw
If you are feeling a little confused by the changes to stamp duty and how it may effect your purchase or your onward purchase here is a brief explanation:
If you purchase a residential property between 8 July 2020 to 30 June 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.
Up to £500,000 the rate will be zero stamp duty land tax
The next £425,000, the portion from £500,001 to £925,000 would be 5%
The next £575,000, the portion from £925,001 to £1.5million would be 10%
The remaining amount, the portion above £1.5 million would be 12%
If you purchase a residential property between 1 July 2021 to 30 September 2021, you only start to pay SDLT on the amount that you pay for the property above £250,000.
So up to £250,000 there would be zero SDLT
The next £675,00, The portion from £250,001 to £925,000 would be 5%
The next £575,00, the portion from £925,001 to £1.5million would be 10%
The remaining amount, the portion above £1.5 million would be 12%
For more information you can head over to our website where you will find all of this information along with SDLT calculator so you can work out how much you will pay. Or give us a call on 01257451 673 and we can offer you advice on stamp duty, give you a free no obligation valuation of your home and answer any questions you may have about the current market conditions.