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Stamp Duty extended

In order to boost the housing market Chancellor Rishi Sunak has extended the Stamp Duty Land Tax cut.

The previous threshold of £125,000 increased to £500,000 in England and Northern Ireland, which means for properties purchased for £500,000 or less will not be subject to a Stamp Duty.

In Wales this tax is known as the Land Transaction Tax and the threshold has increased from £180,000 to £250,000.

The Stamp Duty and Land Transaction Tax cuts will now come to an end on 30 June 2021. 

Stamp Duty saving ends soon

In order to boost the housing market Chancellor Rishi Sunak has extended the Stamp Duty Land Tax cut.

The previous threshold of £125,000 has increased to £500,000 in England and Northern Ireland, which means for properties purchased for £500,000 or less will not be subject to a Stamp Duty.

In Wales this tax is known as the Land Transaction Tax and the threshold has increased from £180,000 to £250,000.

The Stamp Duty and Land Transaction Tax cuts will both come to an end on 30 June 2021. 

Stamp Duty Calculator

This calculator provides a guide to the amount of residential stamp duty you may pay and does not guarantee this will be the actual cost. This calculation is based on the Stamp Duty Land Tax Rates for residential properties purchased to 7 July 2020, then from 8 July 2020 until 30 June 2021. For more information on Stamp Duty Land Tax, click here.

It is important that you act now

These Stamp Duty and Land Transaction tax holidays have really helped the housing market, with huge numbers of buyers looking to take advantage of these savings. This does mean that while properties are going under offer quickly, there are some delays in sales completing due to volumes of properties going through the conveyancing process.

It is especially important to act now if you also have a property to sell. Get your property on the market today to make sure you can sell your existing property and buy your new property before the stamp duty deadline runs out.

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