Stamp Duty is the tax (SDLT), charged by the government, which you pay on completion of the purchase of your new home. It’s important to factor this cost in when purchasing a new home. To help you do the calculation we have created a handy tool to do the hard work for you.
With the Government's Stamp Duty holiday, if you purchase a new home between 8 July 2020 and 31 March 2021* you will pay no Stamp Duty on properties up to a value of £500,000, which means you could save up to £15,000. Speak to a Sales Executive today to find out more.* your property purchase must be legally complete by 31 March 2021
How it works:
Much like income tax rather than paying a fixed percentage dependent on the total sale price of the property, the percentage of stamp duty will only be applied on the portion of the property price in specific brackets.
If you are buying a second home or a buy to let property there is an additional 3% charge on each bracket. Don't forget you can offset the additional 3% charge against Capital Gains Tax liability when you sell. To learn more, and if you are unsure who to use, our Sales Executives can put you in touch with a selection of Independent Financial Advisors.
How it works - first-time buyers:
If you are a first- time buyer purchasing a property up to £300,000 you are not required to pay Stamp Duty, saving you up to £5,000. If you are a first-time buyer purchasing a property up to £500,000, you can still benefit as you won't pay Stamp Duty on the first £300,000. If you are purchasing a property over £500,000, you follow the rules for people who have bought a home before.
Calculate the stamp duty to find out how much you will spend.
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