Stamp Duty Relief
The government has increased the lower stamp duty threshold to £500,000 for property sales in England and Northern Ireland.
That means any property purchases below the new level will not need to pay stamp duty as long as the transaction is completed before 31 March 2021.
The move is aimed at helping buyers who have taken a financial hit because of the coronavirus crisis.
The change is effective immediately from Wednesday 08th July 2020 and will run until 31st March 2021. Unfortunately, anyone completing a property purchase before that date will have to pay the full normal stamp duty.
So what will you pay?
First Time Buyers, or Main Residence Property Movers
You can use the table to work out the SDLT due:
| Property or lease premium or transfer value | SDLT rate |
| Up to £500,000 | Zero |
| The next £425,000 (the portion from £500,001 to £925,000) | 5% |
| The next £575,000 (the portion from £925,001 to £1.5 million) | 10% |
| The remaining amount (the portion above £1.5 million) | 12% |
Buyers of Additional Property
The 3% higher rate for purchases of additional dwellings applies on top of revised standard rates above for the period 8 July 2020 to 31 March 2021.
The following rates apply:
| Property or lease premium or transfer value | SDLT rate |
| Up to £500,000 | 3% |
| The next £425,000 (the portion from £500,001 to £925,000) | 8% |
| The next £575,000 (the portion from £925,001 to £1.5 million) | 13% |
| The remaining amount (the portion above £1.5 million) | 15% |
On the 1 April 2021 the reduced rates shown in the above tables will revert to the rates of SDLT that were in place prior to 8 July 2020.
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