Stamp Duty Land Tax (SDLT) is a tax paid by the purchaser of a UK residential property.
Stamp duty holiday
The stamp duty holiday currently in place until 30th June meaning all homebuyers in England purchasing a home up to £500,000 will not pay any stamp duty
The no stamp duty holiday will then continue, at a reduced rate of £250,000 until the end of September
Stamp Duty Shared Ownership
Stamp Duty on shared ownership is notoriously complicated. Currently, when you purchase a new build shared ownership property you have two options - either pay stamp duty on the price you are paying for your share and the rent or pay on the full market value.
After the stamp duty holiday, stamp duty rates will be as follows: If you are a first time buyer and the full market value (FMV) is £500,000 or less then you can claim first time buyers relief which is
-0% on the first £300,000
-5% on the remainder up to £500,000
This compares to the current SDLT rates (without reliefs) which are:
- Up to £125,000 = 0%
- The next £125,00 (up to £250,000) = 2%
- The next £675,000 (up to £925,000) = 5%
- The next £575,000 (up to £1.5 million) = 10%
-The remaining amount (the portion above £1.5 million) = 12%
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