Stamp Duty Changes – June 2021
The full stamp duty holiday in England and Northern Ireland ends on 30th June, but there are still savings you can make if you buy a home before October.
Are you one of the many buyers racing to complete on a home sale before the extended stamp duty holiday in England and Northern Ireland comes to an end on 30th June? Well, you’re certainly not alone! Rightmove has reported there are more than 700,000 homes going through the sales process right now, which is the highest number seen in the past decade.
It’s been almost a year since the temporary reduction of stamp duty tax rates. The change has meant there is no stamp duty tax to pay for first-time buyers and home movers on purchases priced at or below £500,000 before 30th June. The reduction offers buyers a potential saving of up to £15,000.
The stamp duty holiday has already been extended once, from 31st March to 30th June. From 1st July, there will be a staggered return to previous stamp duty rates, with the nil-rate band lowered from £500,000 to £250,000 until the end of September. From 1st October, it will return to £125,000.
The amount of stamp duty tax you’ll need to pay depends on a wide range of factors, including how much you pay for the property, the location of the property, whether you have a UK passport, when you buy and whether you’re a first-time buyer. It also depends on whether you’re buying a main home, a holiday home or an investment property. U