newhomesforsale

How much could you save with the new stamp duty rules?

In response to the coronavirus pandemic, the thresholds at which you start paying stamp duty in England, Scotland and Wales were temporarily increased. This stamp duty holiday is ongoing in England – however in a less generous format to how it started.

The holiday ended in Wales on Wednesday 30th June, and finished in Scotland back in April.

Here is what has changed:

Up until Wednesday 30th June, there was no stamp duty due on the first £500,000 of any primary residential property in England. However, since Thursday 1st July, the stamp duty threshold has been lowered. This is how it works:

From 1st July until 30 September. No stamp duty will be due on the first £250,000 of any primary residential property – it's £300,000 if you're a first time buyer, as long as the property that you're buying costs £500,000 or less.

The stamp duty holiday ends on 30th September, and normal stamp duty rates apply after. You need to have completed your property purchase by 30th September to benefit from the stamp duty holiday in its current format. If you exchange on or before 30th September, but complete after 30th September, you'll have missed the deadline and will need to pay the normal rate of stamp duty.