Personal
SOLVING PERSONAL LEGAL MATTERS
The stamp duty holiday has been in place since 8 July 2020 and was due to expire on 31 March 2021. Following concerns that many ongoing transactions may fall through once the stamp duty holiday had expired, a tapering off period has been introduced, as opposed to the original plan for the relief to be completely stopped after the 31 March 2021.
Under the revised scheme, from 1 July 2021 to 30 September 2021 the stamp duty threshold for residential properties will be lowered from £500,000 to £250,000 before returning to the original threshold rates from 1 October 2021.
Anyone completing on a main residence costing up to £500,000 will not pay any stamp duty; the next £425,000 (the portion from £500,001 to £925,000) will be taxed at 5%; the next £575,000 (the portion from £925,001 to £1.5 million) will be taxed at 10%; the remaining amount (the portion above £1.5 million) will be taxed at 12%.
Anyone completing on a main residence costing up to £250,000 will not pay any stamp duty; the next £675,000 (the portion from £250,001 to £925,000) will be taxed at 5%; the next £575,000 (the portion from £925,001 to £1.5 million) will be taxed at 10%; the remaining amount (the portion above £1.5 million) will be taxed at 12%.
Anyone completing on a main residence costing up to £125,000 will not pay any stamp duty; the next £125,000 (the portion from £125,001 to £250,000) will be taxed at 2%; the next £675,000 (the portion from £250,001 to £925,000) will be taxed at 5%; the next £575,000 (the portion from £925,001 to £1.5 million) will be taxed at 10%; the next £575,000 (the portion from £925,001 to £1.5 million) will be taxed at 12%.
Get in touch to see how our experts could help you.
Monday to Friday:
09:00 to 17:00
Saturday and Sunday:
Closed
As was the case before the SDLT holiday was introduced, stamp duty and solicitor's fees are paid once the property transaction has been completed. Your solicitor may have requested some fees be paid before this, such as for searches and security checks, but the final fee will usually only be due upon completion.
The stamp duty holiday officially ended on 30 June 2021, but there was a tapering off period that ran until the 30th September 2021 for properties of a value under £250,000. For properties sold for more than this amount, there was a scaling percentage of SDLT due upon completion of a property purchase, as outlined above.
The stamp duty holiday has not been extended again past the tapering-off period that finished on the 30th September 2021. If this changes, we will update our advice.
On the end of September 2021, when the tapering-off period for the stamp duty holiday ended, the SDLT due on residential properties that sell for more than £125,000 reverted to the rates used before the COVID-19 pandemic. This varies between 2%-12%, depending on property value and goes up to 15% for some buy to let properties.
See the information above for more details of the SDLT applicable to specific property value bands.
Our expert conveyancing team offer specialist assistance with any property sale or purchase. Get in touch to find out more.
Get in touch to see how our experts could help you.
Partner, Conveyancing Solicitor, Blackburn
Residential Conveyancing
Blackburn
01254 222 349
Residential Property Paralegal
Residential Conveyancing
Blackburn
01254 222398
If you have a general enquiry then please fill in your details and someone will contact you.
Monday to Friday: 09:00 to 17:00
Saturday and Sunday: Closed