Chancellor Rishi Sunak has announced the following changes to Stamp Duty Land Tax (SDLT):
- With immediate effect from 8 July 2020 there will be no SDLT payable on the first £500,000 of the purchase price, 5% will be payable on the next £425,000, 10% on the next £575,000 and then 12% is payable on the portion of the price over £1,500.00.
- The higher rate of SDLT will still apply for the purchase of additional properties with an extra 3% SDLT payable on each of the above rates.
The changes will apply until 31 March 2021.
The changes are a welcome boost for house buyers and sellers following the unlocking of the property market in May. It is expected that the changes to SDLT will help both buyers and sellers by reducing the tax burden on buyers and making moving home more affordable. As the changes are temporary it is hoped that people considering moving home in the near future may bring their move forward to take advantage of the reduced tax bill.
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