Raworths LLP
What does the Stamp Duty holiday mean for me? What does the Stamp Duty holiday mean for me?

News / Articles

Jul 20

What does the Stamp Duty holiday mean for me?

Written by Kelly Buckle-Fleming
Head of Residential Property

DDI: 01423 724630
M: 07892 792458
E: kelly.buckle-fleming@raworths.co.uk

On 8 July 2020 the government announced a Stamp Duty holiday for residential property purchases with immediate effect (8 July) until 31 March 2021. Kelly Buckle-Fleming, our residential property expert takes a look at what this means.

Stamp duty is a lump-sum tax that anyone buying a property or land costing more than a certain amount must pay. The rate of tax that you pay varies depending on the price of the property and the type (i.e. residential or commercial).

To give an example, before the announcement, anyone purchasing a property of £125,000 or more would have paid stamp duty, or if you were a first-time buyer, on properties sold for more than £300,000.

The move made by the Chancellor has raised this threshold to £500,000 for all home buyers and has, unsurprisingly been welcomed by those looking to buy in the next few months. He suggested that it would see the average stamp duty bill fall by £4,500 and that nine out of 10 people buying a main home this year would pay no stamp duty at all.

For anyone looking to buy in the coming months this is a terrific incentive and is likely to bolster the property market as it continues to ease out of the lock down period.

The chancellor’s announcement on stamp duty only applies to properties in England and Northern Ireland. The Scottish Government is responsible for Land and Buildings Transaction Tax in Scotland, and in Wales, buyers pay Land Transaction Tax, levied by the Welsh Government.

To read more about this or calculate your stamp duty bill visit the government’s website – click here.

Please contact Kelly Buckle-Fleming, our Head of Residential Property, for more information.

Published on 13 July 2020

This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.

  • « Older Entries
  • Newer Entries »

‹  Return to News / Articles

Other News

Jul 22

I have been summoned to give evidence in Court: what should I do?

It is not uncommon for individuals to be asked to attend court to give evidence on a matter which does not concern them directly. Perhaps you were a witness to...


Jun 22

Paid too much for a business – what can you do?

Most acquisitions run smoothly with buyers feeling satisfied that they have purchased the business they expected.  But just occasionally, buyers come to the conclusion that they have paid too much,...