Stamp Duty Update – SDLT to End on 30th September
Buying a home a can be an expensive business and one of the key considerations is how much stamp duty (SDLT) you will be liable to pay.
As we move out of lockdown, the property market remains active, with many continuing to enjoy the SDLT relief.
Stamp Duty Ends on September 30th
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 was extended earlier this year with a closing date of the September 30th.
The relief has been staggered over the past few months and has remained at 0% on properties up to the value of £500,000. From June until the end of September, 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.
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 pay please check out the Stamp Duty Land Tax Calculator or get in touch by booking an initial consultation with one of our dedicated advisers.
How Fintuity Can Help Your Property Finance
As a diversified online IFA, Fintuity can assist you with all your property financing needs – from planning a new mortgage and remortgaging to reviewing your existing mortgage, our IFA team is here to assist – please click here to book your complimentary mortgage health check.
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Fintuity is like a traditional IFA, only we are an online adviser which means we can offer a more cost-effective, time-sensitive and flexible service! We offer the full range of IFA services via our digital platform, at below industry rates and at your convenience. Please do not hesitate to get in touch to see how we can assist you.
For all enquiries please visit www.fintuity.com or contact Fintuity’s Communications Manager, Nic Cobb at nic.cobb@fintuity.com.
Please Note: All information, references and dates included in this article were accurate at the time of publishing.
