Reduced rates of Stamp Duty Land Tax (SDLT) will apply for residential properties purchased between 1st July – 30th September 2021.
Katherine Price, paralegal in Onions & Davies’ property team, reflects on the end of the £500,000 threshold ‘Stamp Duty Holiday’ which saw many buyers benefit from huge tax savings on purchasing their new homes, and the reduction of the threshold to £250,000 between now and the end of September 2021.
“Since the government introduced the stamp duty holiday we have seen an influx of new instructions, with the holiday no doubt having had the effect of encouraging those would-be buyers to start what might have been future plans to purchase, in order to benefit from sometimes many thousands of pounds in tax savings.
We have worked tirelessly in the property team to get those purchases through to completion in time, whilst still delivering the high standard of service we are known for.
The SDLT holiday continues until 30th September. The zero-rate is not quite as appealing, but now stands at £250,000, with SDLT then becoming payable at a residential rate of 5% on the portion after £250,000 up to £925,000. The 5% bracket has effectively become wider in this second-stage of the SDLT holiday.
We shall look forward to acting for those purchasers seeking to benefit from this, and we are expecting our department to keep very busy indeed until the SDLT holiday finishes for good, and we shall look forward to continuing being of service during that time.”
For further details about SDLT, or to access the SDLT calculator please visit the gov.uk website HERE. Katherine will be happy to provide a quote to purchase or sell property, and can be contacted at katherine@onionsanddavies.co.uk