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
