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The government has announced a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland.
Anyone completing on a main residence costing up to £500,000 between 8 July 2020 and 31 March 2021 will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount.
If the property purchased is your main home you won't pay any stamp duty on it at all if it costs £500,000 or less.
The next portion of the property's price (£500,001 to £925,000) will be taxed at 5%, and the £575,000 after that (£925,001 to £1.5 million) will be taxed at 10%
The remaining amount (over £1.5 million) will be taxed at 12%.
Before the announcement, stamp duty in England and Northern Ireland was paid on land or property sold for £125,000 or more, while first-time buyers did not pay any stamp duty up to £300,000. This stamp duty holiday replaces the first-time buyer discount.
Landlords and second home buyers are also eligible for the tax cut but will still have to pay the extra 3% of stamp duty they were charged under the previous rules.
Residential Property Paralegal