Personal

Stamp Duty Land Tax Holiday

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Stamp duty tapering off period:

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.

Rates from 8 July 2020 to 30 June 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%.

Rates from 1 July 2021 to 30 September 2021:

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%.

Rates from 1 October 2021:

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%.

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Our dedicated Residential Conveyancing team

Alexandra Whittaker

Residential Conveyancing

PinBlackburn

Call01254 222352

Jennifer Ross

Jennifer Ross

Associate

Residential Conveyancing

PinBlackburn

Call01254 222471

Kathryn Lofthouse

Kathryn Lofthouse

Residential Property Paralegal

Residential Conveyancing

PinBlackburn

Call01254 222398

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Call0800 689 1358

CallRequest a call back

EmailSend us an email

Contacting Us

Monday to Friday: 09:00 to 17:00
Saturday and Sunday: Closed