Stamp Duty Holiday – Deadline approaching

September 15, 2020

The Stamp Duty Holiday has certainly helped a number of our clients save a significant amount on their move. The deadline is 31st March 2021 and whilst that seems a long way off, we’d recommend taking action now to avoid missing out.

Propertymark has advised that if you want to save, you need to have your property on the market by 26th September…

Whether you’re buying property up to £500,000 or higher, the cost savings are significant, meaning it’s more affordable than ever to consider your next move. You can find the full breakdown of costs on the government website, here.

If you are buying a home that isn’t a second home/investment property…

Up to £500,000 = no stamp duty

£500,000 + you will pay the tiered difference from £500,000 only,  you will save £15,000 (the stamp duty usually payable up to £500,000).

Landlords and second home buyers are also eligible for the tax cut but will still have to pay the extra 3% of stamp duty they were charged under the previous rules.

Stamp duty is payable upon completion, so if you’re already in the process of buying and selling, you will benefit, as will new buyers to the market as long as they complete before 31st March 2021, which is why you need to act now.

Click here for the full Government advice and breakdown.

To discuss your moving options, please contact your local branch.

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