GOVERNMENT ANNOUNCE STAMP DUTY HOLIDAY - There’s never been a better time to move!
Updated: Aug 20, 2020
Following the Government announcement, stamp duty is now only payable on homes over £500,000 in England. For homes under £500,000 there will be no stamp duty until 31st March 2021. The stamp duty saving could mean that the house you thought was out of reach could be much more affordable than you think.
The money you save could help you towards your decorating your dream home. Picture recreating your tranquil garden or remodelling your kitchen. Use stamp duty savings towards putting the finishing touches to your new home.
Stamp Duty Rates until 31st March 2021 for First Time Buyers
If you have not previously owned your own home, you pay NO stamp duty for the first £500,000.
If your spouse already owns a property you will not normally qualify as a first time buyer.
The crucial thing to know is that, if you're buying in England or Northern Ireland, you have 14 days from the date of completion/date of entry (when all the contracts are signed and dated and you get the keys) to pay stamp duty or transaction tax.
After the 31st March 2021, these rates will revert backroad their original.