202007.09

Stamp Duty Land Tax ‘holiday’

Further to the Chancellor’s earlier announcement HMRC have now issued further details of the much talked about SDLT holiday.

Buyers will benefit from this reduction if they complete a purchase any time from 8 July 2020 until 31 March 2021.

For individuals that have not owned property before (or have owned property previously but will only own one property after completing their purchase) the rate will be 0% on prices up to £500,000. Great news for first time buyers!

For purchases above that price the first £500,000 has no charge and there is a maximum of 12% on anything above £1.5 million.

For individuals purchasing additional properties the rate will be reduced from current levels to 3% on prices up to £500,000. For purchases above that price there is a maximum of 15% on anything above £1.5 million.

If you are keen to take advantage of the available savings or this news is just a welcome coincidence with regard to a previously planned purchase and you require assistance with conveyancing then please don’t hesitate to contact our property solicitors based in Guildford on 01483 451 900, email us on sols@gordonsols.co.uk or make an online enquiry and we will call you back.

For further guidance please visit https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates.