Stamp Duty

Stamp Duty

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.

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Stamp Duty - First Time Buyers Relief

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%