Private Client
By Emma McCaul
Latest News

Reminder of SDLT Holiday until March 2021

Reduced rates of Stamp Duty Land Tax (SDLT) will apply for residential properties purchased from 8 July 2020 until 31 March 2021 inclusive.

For anyone thinking of getting on the property ladder or adding to their property portfolio, this may be of interest. From 8 July 2020 to 31 March 2021 HMRC has given purchasers an opportunity to complete a residential purchase transaction and pay either no Stamp Duty Land Tax (SDLT) or a reduced amount of SDLT depending on your home ownership status and property value.

If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.

The HMRC changes in relation to SDLT, affect all of the following home owner scenarios in which SDLT would have been previously payable: –

  1. First time buyer – starting value at which SDLT is now payable increases to £500,000.00.

  2. Previous homeowner, replacing their main residence with a new main residence – starting value at which SDLT is now payable increases to £500,000.00.

  3. Homeowner who will own two or more properties when they complete their purchase and are not replacing their main residence – 3% starting higher rate SDLT now payable on values up to £500,000.00 followed by standard higher rate tax brackets from £500,001.00 upwards.

On the 1 April 2021 the reduced rates shown in the above tables will revert to the rates of SDLT that were in place prior to 8 July 2020.

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