If you're thinking of buying a new home, then take advantage of the new stamp duty holiday. When you purchase your new home in the next six months and complete before 31st March 2021, you'll have no stamp duty to pay. Whether you're a first time buyer or a home owner, if your new home is valued up to £500,000 there's nothing to pay - saving you up to £15,000.
This offer is valid provided your new home will be your main residential home. You must complete your purchase between 8th July 2020 and 31st March 2021.
Previously home movers would have had to pay stamp duty on any homes above £125,000 and first time buyers paid stamp duty on homes above £300,000. Changes to stamp duty come into effect straight away so there’s no need to delay that next move or first purchase.
What is stamp duty?
Stamp duty is the tax that the Government charge on buying a new home in England and Northern Ireland and is paid on completion of your purchase.
How do I qualify for the stamp duty holiday?
You must purchase a home in England or Northern Ireland that completes between 8th July 2020 and 31st March 2021. The home must be valued up to £500,000.
What do I pay if the home in buying is more than £500,000?
For homes between £500,001 and £925,000 you’ll pay 5% on the amount over £500,001.
For homes between £925,001 and £1,500,000 you’ll pay 10% on the amount over £925,001.
What do I pay if I’m an investor or buying a second home?
You’ll still be eligible for this break but will continue to pay the extra 3% previously charged for second homes.
What if I have already exchanged contracts?
The stamp duty that was payable and now qualifies for exemption, will not be required to be paid. Your solicitor will be able to assist you with any queries you may have.
For more help and information please speak to our sales team .
For help and advice on mortagaes please speak to our recommended finacial advisors visit: Central Financial Services.
For Govenrment information on stamp duty visit https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro
Stamp duty calculator https://www.stampdutycalculator.org.uk/uk-stamp-duty.htm