Property Market is Booming! Stamp Duty Land Tax relaxation rules until 31 March 2021
If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay Stamp Duty land Tax (SDLT) on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.
You can use the table to work out the SDLT due:
Property or lease premium or transfer value SDLT rate:
- Up to £500,000 - Zero
- The next £425,000 (the portion from £500,001 to £925,000) - 5%
- The next £575,000 (the portion from £925,001 to £1.5 million) - 10%
- The remaining amount (the portion above £1.5 million) - 12%
From 8 July 2020 to 31 March 2021 the special rules for first time buyers are replaced by the reduced rates set out above.
During the Covid-19 pandemic, lockdown meant a huge overhaul for the many households who had grown accustomed to working from home and commuting less, with the change in routine prompting many to review their work-life balance.
Unsurprisingly, searches for homes in sought-after coastal locations in the south of England, such as Devon and Cornwall, have spiked, with local agents confirming an uplift in interest from Londoners seeking to relocate businesses and to make a significant lifestyle change.
Contact Haldons on 01803 213529 for a free, no obligation quotation for either an RICS Level 2 Homebuyer Report and Valuation or a Level 3 Building Survey.