Stamp Duty holiday has been extended
Stamp Duty savings have been extended by the Government for home buyers in England.
This means, if you buy a home up to the value of £500,000, you won’t need to pay any Stamp Duty, and even if you are buying a home over £500,000, you will make a saving. So now could be a great time to buy your new home.
How do the changes impact me?
Stamp Duty is the tax charged by the Government when you buy a home.
Following the Government announcement in England:
- No Stamp Duty is payable on homes up to £500,000, so you could save up to £15,000 until 30th June 2021.
- From 1st July 2021, if you or anyone else buying your home is a first time buyer and the purchase price is under £300,000 you will pay no Stamp Duty. If the purchase price is between £300,001 and £500,000 you will only pay 5% Stamp Duty on this portion.
- From 1st July until 30th September, there will be an interim £250,000 threshold, meaning existing homeowners could save up to £2,500.
- It will then be returning to normal from October, so act now to benefit from these savings.
How much is Stamp Duty?
Rates until 30th June 2021
For homes over £500,000 there is still no Stamp Duty to pay on the first £500,000, then the following rates apply:
|
Purchase Price |
Stamp Duty % |
|
£0 to £500,000 |
0% (Zero) |
|
£500,001 to £925,000 |
5% |
|
£925,001 to £1,500,000 |
10% |
|
Over £1,500,000 |
12% |
Rates from 1st July 2021 to 30th September 2021, if you're an existing homeowner
For homes over £250,000 there is still no Stamp Duty to pay on the first £250,000, then the following rates apply:
|
Purchase Price |
Stamp Duty % |
|
£0 to £250,000 |
0% (Zero) |
|
£250,001 to £925,000 |
5% |
|
£925,001 to £1,500,000 |
10% |
|
Over £1,500,000 |
12% |
Rates from 1st July 2021 to 30th September 2021, if you're a first time buyer
For homes under £500,000 the following rates apply:
|
Purchase Price |
Stamp Duty % |
|
£0 to £300,000 |
0% (Zero) |
|
£300,001 to £500,000 |
5% |
Discover Your Stamp Duty Savings
Enter your details into our updated Stamp Duty Calculator to discover how much Stamp Duty you’ll have to pay when you buy a home between now and 30th June 2021.
As well as this, you’ll also discover how much you will save based upon the previous Stamp Duty taxes if you were to purchase before the tax break ends.
What if I am an investor or own more than one property?
Rates until 30th June 2021
If you are buying an investment property or an additional home, the following rates will apply to your purchase:
|
Purchase Price |
Stamp Duty % |
|
£0 to £500,000 |
3% |
|
£500,001 to £925,000 |
8% |
|
£925,001 to £1,500,000 |
13% |
|
Over £1,500,000 |
15% |
Rates from 1st July 2021 to 30th September 2021
If you are buying an investment property or an additional home, the following rates will apply to your purchase:
|
Purchase Price |
Stamp Duty % |
|
£0 to £250,000 |
3% |
|
£250,001 to £925,000 |
8% |
|
£925,001 to £1,500,000 |
13% |
|
Over £1,500,000 |
15% |
Buying in Scotland and Wales
Stamp Duty in Scotland is referred to as the Land and Buildings Transaction Tax (LBTT) and is charged when you buy a home of more than £250,000.
See more detail on LBTT (Scotland)
Stamp Duty in Wales is referred to as the Land Transaction Tax (LTT) and is charged when you buy a home of more than £250,000.