The Stamp Duty Land Tax (SDLT) temporary nil rate band of £500,000 for residential properties has been extended until 30 June 2021.
Then from 1 July 2021 to 30 September 2021 the nil rate band will be £250,000 and will then revert to the standard amount of £125,000 on October 2021.
Rates on purchases from 8 July 2020 to 30 June 2021.
If you purchase a residential property between 8 July 2020 to 30 June 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply to both first time buyers and people who have owned property before.
Below is a table which shows SDLT rates.
From 1 July 2021 onwards, special rates and rules will apply for first time buyers. This includes buying through a shared ownership scheme.
You can use the SLDT calculator to work out how much tax you will have to pay.
Click here to access the SDLT calculator.
If you would like to read more,
click here to view the government guidance on SDLT.
For further advice on any of the information contained in this article, please contact your usual Moore adviser.