Stamp Duty Update – SDLT Extended by Another Six Months
Buying a home a can be an expensive business and one of the key considerations is how much stamp duty you will be liable to pay.
With the Covid Pandemic ongoing and the national lockdown only partially lifting, many home owners were anxiously awaiting the latest announcements from the Chancellor this week.
Stamp Duty Extended by Another Six Months
Stamp Duty (SDLT) is a tax paid by house buyers, dependent upon the price of the property.
The nil-rate tax break was introduced last year to stimulate the housing market and has been extended until the end of September by the chancellor in the latest budget.
The relief is being staggered and between March and June will remain at 0% on properties up to £500,000. From June, the first £250,000 of the purchase price will be exempt from the tax, before the allowance returns to its pre-pandemic level of £125,000 from the start of October.
In welcome news this week, homeowners and those in the process of selling their homes were given the welcome news of the six month extension of the SDLT.
Working Out Your SDLT Liabilities
Thankfully however the UK Gov.uk website has a helpful online tool to help you with just this question. The online SDLT calculator can be used for property purchases that are:
- For first-time buyers
- Replacing main residence
- Additional property
- Residential or non-residential
- Freehold or leasehold
To work out how much stamp duty you will be liable to play please check out Stamp Duty Land Tax Calculator for more information or get in touch with one of the team.