Stamp Duty Land Tax (SDLT) – Update

Following the budget announced by the Chancellor on Wednesday 3rd March, SDLT holiday measures have been extended.

The original SDLT holiday proved very popular, and we expect this extension to be the same.

In practice what this means is that there will be no SDLT payable for purchases of properties below £500,000 by individuals who will not own more than one residential property. It does not matter if you are a first time buyer, or moving up the property ladder.

The holiday will not apply for property companies and people who own property portfolios.

After 30th June 2021, the threshold will be lowered to £250,000 meaning purchases below this amount will not attract SDLT if they are completed on or before 30th September 2021.

The Government have usefully provided a SDLT calculator so you can calculate exactly how much SDLT will be payable and more details can be found here: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

If you are considering purchasing a property, then please contact one our property team for a quote.

We may not be able to go on holiday to the Canary Islands just yet, but at least we can have a holiday from the taxman!

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