Chancellor announces Stamp Duty changes

Short holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland.

The chancellor has announced a short holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland. The reduction applies to all individuals, whether first-time buyers or not and will run from 8 July 2020 up to 31 March 2021.

This means any property purchases below the new level will not need to pay stamp duty as long as the deal is completed before 31 March 2021.

Short holiday rates will be as follows:

Up to £500k 0%
Next £425k between £500,001 and £925k      5%
Next £575k between £925,001 and £1.5m 10%
The remaining amount above £1.5m      12%

This short holiday means that the above rates replace first-time buyers’ relief during this period as it is not necessary.

People purchasing second homes or additional dwellings as investments are also eligible for the tax cut but will still have to pay the extra 3% of stamp duty they were charged under the previous rules.

The rates set out above will return to the former levels on 1 April 2021.

If you have any question relating to residential property, please call us on 01603 615731 or email [email protected] 

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