Blog Post

A Change to the Stamp Duty Threshold

Emily Utratny Jul 9, 2020, 13:51 PM

Amy Blackwell.

(pinterest.com)

 

No stamp duty to pay on purchases up to £500,000! 

The Chancellor of the Exchequer, Rishi Sunak, has today announced yesterday an immediate change to the Stamp Duty Land Tax threshold. Anyone buying a residential property of up to £500,000 will pay no stamp duty, whether they are a first time buyer, or if they have owned property before*. The "Stamp Duty Holiday" will be in effect until 31 March 2021 so don't delay, register your property requirements with Peter Anthony today!

The Stamp Duty Holiday is a welcome boost to the housing market and offers a substantial saving to buyers, whether they are buying their first home or are getting back on the property ladder having owned property in the past.

The new thresholds are as follows:

Up to £500,000 – zero stamp duty
£500,001-£925,000 – 5% stamp duty
£925,001-£1,500,000 – 10% stamp duty
£1,500,000 and above – 12% stamp duty

You can check how much stamp duty you are likely to pay using the Government’s stamp duty calculator.

* For people buying an additional property, the 3% higher rate still applies but this still represents a saving.

It’s an ideal time to get on the property ladder so if you are not already registered with Peter Anthony, why not do so today? You can specify your property requirements, and you’ll automatically be matched to suitable properties before they come on the market. 

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