Temporary Stamp Duty Reduction for residential Properties

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House sales ans stamp duty

COVID-19 News Update

The government have taken action to help the property market by reducing the amount of Stamp Duty Land Tax (SDLT) you pay when you purchase your new home.

If you purchase a residential property between 8 July 2020 and 31st March 2021 you will only start to pay on the mount that you pay for the property above £500,000. These rates apply to all residential purchases

Property or lease premium or transfer value

SDLT rate

BE AWARE – Do you own a second property?

If you own a second property the additional 3% higher rate applied to purchases of additional dwellings applies on top of the revised standard rates above for the period 8th July 2020 to 31st March 2021.

Property or lease premium or transfer value

SDLT rate

This is good news and will mean people buying a house during this time will potentially make a large saving.

If you were to buy a freehold property as your main residence for £350,000 pre 8th July 2020 SDLT would have been £2,500 or if the property was worth £450,000 the DLT would have been £7500. It could therefore be a good time to buy or sell your house.

At Acorn we specialise in the legal side of purchasing a residential property. We are here for you through each stage of the transaction from having your offer accepted to getting the keys to your new home.  Our quote calculator has been updated with these changes so if you are moving or thinking of moving and would like a quote for conveyancing then visit our quotation page or give us a call on TAUNTON 01823 273010 or STREET 01458 441507.

At Acorn we specialise in the legal side of purchasing a residential property.

If you are moving or thinking of moving and would like a quote for conveyancing then visit our quotation page

Or give us a call on TAUNTON 01823 273010 or STREET 01458 441507.

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