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The Law Society - Conveyancing

19

Sep

2020

Stamp Duty ‘Holiday’

As part of the package of measures introduced to help kick start the economy, the chancellor has confirmed that from the 8th July 2020 to 31st March 2021 the stamp duty threshold will be temporarily raised from £125,000 to £500,000.

This means that an individual who wants to sell their property and buy a new one for £500,000 or less will not have to pay any stamp duty and those who are buying a property for over £500,000 will only have to pay stamp duty on the amount exceeding £500,000. Therefore, the holiday that has been put into place by the chancellor is beneficial to a wide range of buyers.

However, there is an exemption to this temporary policy which potential buyers should be aware of. An individual will not qualify for the holiday if they purchase a new property without selling an existing one. An example of when this situation may occur is when a buyer makes the decision to keep their current property to rent instead of selling or when an individual purchases a second home.  In this case, a 3% stamp duty surcharge will apply.

The current stamp duty holiday provides an opportunity for prospective buyers to save thousands of pounds in stamp duty.  If you would like more information about whether you qualify for the stamp duty holiday, please contact our team of conveyancing solicitors on 020 8441 1556 and ask for Judith Bleetman or Nikki Salih or alternatively email law@pwjsolicitors.co.uk.  We will be happy to discuss your options going forward and answer any questions you may have.

Stamp duty holiday at a glance:

The chancellor’s new measures mean that buyers will only start to pay stamp duty on property above £500,000.  This policy will cover the majority (but not all) buyers, including first time buyers and people looking to move up or down the property ladder.

The current holiday rates:

  • Up to £500,000: 0%
  • On the portion from £500,001 to £925,000: 5%
  • On the portion from £925,001 to £1.5m: 10%
  • Above £1.5m: 12%

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