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 -
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
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