Emergency Stamp Duty Land Tax Cut

No Stamp Duty Land Tax up to £500,000

The Chancellor, Rishi Sunak, announced today that the zero rate band of Stamp Duty Land Tax current set to £500,000 will stay in place until 30/06/2021.

This means that any purchaser buying and completing before 01/06/2021 will pay no standard stamp duty land tax on the first £500,000 of their purchase price

It is estimated 9/10 buyers will benefit from this move with an average saving of £4,500

New Stamp Duty Land Tax Rates – not first time buyers

  • 0% up to £500,000
  • 5% from £500,001 to £925,000
  • 10% from £925,001 to £1.5 million
  • 12% above £1.5 million

A purchaser can save up to £15,000 against yesterday’s rates

Further Stamp Duty Land Tax Reduction

The nil rate Band will be set at £250,000 from 01/07/2021 to 30/09/2021 to ease the transition back to normal rates.

First Time Buyers – stamp duty land tax changes

This rate change sweeps out all stamp duty land tax cost for first time buyers up to £500,000.

New Stamp Duty Land Tax Rates – for first time buyers

  • 0% up to £500,000
  • 5% from £500,001 to £925,000
  • 10% from £925,001 to £1.5 million
  • 12% above £1.5 million

A first time buyer can save up to £11,250 against normal rates

Higher rates for additional properties – stamp duty land tax changes

Higher rates for additional properties still applies at:

  • 3% up to £500,000
  • 8% from £500,001 to £925,000
  • 13% from £925,001 to £1.5 million
  • 15% above £1.5 million

Although the benefit of the drop in standard rate applies to the additional property purchaser

An additional property purchaser can save up to £15,000 against yesterday’s rates

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