SDLT Cut Announced - Stamp Duty Holiday!

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SDLT Cut Announced - Stamp Duty Holiday!

Jul 09 2020

SDLT Cut Announced - Stamp Duty Holiday! 


 
The Chancellor Rhisi Sunak has announced that from 8th July 2020 there will be a temporary cut to Stamp Duty which is likely to run until March 2021, this raises the threshold to £500,000 for all buyers.

If you have a client that has completed and paid    Stamp Duty Land Tax (SDLT) before this date (8th July 2020) they will not be reimbursed any fees paid!

Please see examples below - 

£425,000 Purchase
If you have a client with a purchase for £425,000 and this is their only property they will not be charged any SDLT. (this is a purchase under £500,000)

£425,000 Purchase 2nd Property
If you have a client purchasing a 2nd property they will be charged 3% SDLT £12,750

£530,000 Purchase
If you have a client with a purchase for £530,000 and this is their only property they will be charged 5% of £30,000 (This is a purchase over £500,000) you will be charged anything over £500,000.

This only applies to properties in England and Northern Ireland and it will help open the property market and facilitate the market upwards.

Please see link below for additional information


https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates?utm_source=25ad05f8-92d2-4849-b49b-79e83ad9ae28&utm_medium=email&utm_campaign=govuk-notifications&utm_content=immediate

 

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