Stamp Duty holiday
Stamp Duty savings were extended by the Government for home buyers in England.
That means, if you buy a home up to the value of £250,000 before 30th September, you still won’t need to pay any Stamp Duty, and even if you are buying a home over £250,000, you will make a saving. So now could still 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:
- From 1st July until 30th September 2021, no Stamp Duty is payable on homes up to £250,000, so you could save up to £2,500 until 30th September 2021.
- From 1st October 2021, the Stamp Duty free threshold will return to £125,000, so act now to benefit from the savings.
- If you are a first time buyer and the purchase price is under £300,000, you will also 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.
How much is Stamp Duty?
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 October 2021, if you're an existing homeowner
For homes over £125,000 there is no Stamp Duty to pay on the first £125,000, then the following rates apply:
|
Purchase Price |
Stamp Duty % |
|
£0 to £125,000 |
0% (Zero) |
|
£125,001 to £250,000 |
2% |
|
£250,001 to £925,000 |
5% |
|
£925,001 to £1,500,000 |
10% |
|
Over £1,500,000 |
12% |
What if I'm a first time buyer?
Rates from 1st July 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% |
Note: For properties priced over £500,000, no additional first time buyer relief is available. See existing homeowner rates.
What if I'm an investor or own more than one property?
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% |
Rates from 1st October 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 £125,000 |
3% |
|
£125,001 to £250,000 |
5% |
|
£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 £145,000.
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 £180,000.