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Government Announces SDLT Relief Scheme

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We are ready to help you make the most of the new Stamp Duty Relief Scheme

Yesterday the government announced substantial changes to the levels of Stamp Duty that need to be paid. This measure is designed to give the residential housing market a much-needed boost.

 A brief summary of the new temporary measures is as follows:

If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.

You can use the table to work out the SDLT due:

 

 

Property or lease premium or transfer valueSDLT rate
Up to £500,000Zero
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%

 

For more information see the Gov.uk website.

If you would like to know more including a quote with FULL details of your total moving legal expenses including land registry fees, searches and estate agents commission give our dedicated professionals a call 01708 745183 or email Reception

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