Good news for ALL buyers – the Stamp Duty Land Tax Holiday explained
In these different times there have been many new rules and guidelines that we have had to become accustom to and the Chancellor of the Exchequer Rishi Sunak has been busy announcing further changes when it comes to tax.
It was announced on 8 July 2020 during the mini budget that there would be a tax break for Stamp Duty Land Tax (SDLT), effective immediately.
SDLT, put simply, is the tax you pay when purchasing land or property in England and Northern Ireland.
The usual threshold for paying SDLT when you purchase of property is a purchase price of £125,000 or more but this has temporarily been increased to £500,000. Please note this is only applicable to residential purchases. There are different rules in place for purchasing land or other non-residential properties.
This temporary tax holiday for residential properties will be in effect until 31 March 2021 in England and Northern Ireland.
To find out more information download our PDF here.