New stamp duty tax holiday for property buyers
If you have questions about the recent stamp duty changes and what they may mean to your house purchase, our leading property and conveyancing solicitors are here to assist you.
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How can our solicitors help?
Our experienced property conveyancing team can support you at every step of your journey. We deal with all aspects of residential freehold, leasehold conveyancing as well as re-mortgaging and land disputes. Our property conveyancing services include:
When are the stamp duty changes effective?
The changes took effect on 8th July 2020 and will remain in place until 31st March 2021.
Who will benefit from the changes?
- The changes are applicable to all buyers, not just first-time buyers
- The new rates mean that those buying for under £500,000 who do not own a second property will not pay any SDLT
- Those buying for more than £500,000 who do not own a second property will only pay SDLT on the proportion above £500,000 at the rates set out below.
- Companies buying for less than £500,000 will also benefit from the changes, but will remain subject to the higher rate on the £400,000+ proportion
What are the new stamp duty rates?
Property or lease premium or transfer value
Up to £500,000 - zero (SDLT rate)
The next £425,000 (portion from £500,001 - £925,000) - 5% (SDLT rate)
The next £575,0000 (portion from £925,001 - £1.5 mil) - 10% (SDLT rate)
The remaining amount (portion above £1.5 mil) - 12% (SDLT rate)
I am mid-way through my house purchase, will the new SDLT rate apply to me?
I’m selling my property, will these new rates have any impact on my sale?
No. SDLT is payable by the purchaser, not the seller.
Who do I speak to if I think the wrong SDLT charge has been applied?
If your case has not yet completed, your solicitor will update your SDLT rate before completion and provide you with a new financial statement.
What if I am purchasing an additional property?
The Higher Rate of SDLT is unchanged – so those buying additional properties will still pay the surcharge on transactions over £40,000.
Purchasers of additional properties will still benefit from the new 0% band on the standard rate proportion of their purchase.
Slater and Gordon were very professional and calm throughout the process, especially in the final week leading to exchange and completion, coming up with sensible solutions to prevent my buyer's solicitor from delaying the process any further. I cannot recommend them enough. Mr B (residential conveyancing case)
I am very pleased with the service I have received. I had a complicated chain between different towns both buying and selling. Excellent communication skills and keen to go extra mile to provide you with the best of her ability. The completion happened within timescale promised. Anonymous (residential conveyancing case)
We've just moved into our new home. The Manchester branch couldn't have been more helpful, patient or kind. Really quick to get back to us and thoroughly explained everything to make sure we could understand it. I would highly recommend. Mrs D, Manchester (residential conveyancing case)
They are always a pleasure to deal with and easy to communicate with either over email or the phone. This communication helps massively with regards to the progression of the sale and enables us to all work together to get the sale through as quickly and smoothly as possible. CC, Manchester (residential conveyancing case)