The new Stamp Duty Rules explained…

The Chancellor announced a Stamp Duty Land Tax (SDLT) holiday in 2020. This was later extended in March 2021 till the 30th September. The idea behind this was that it would help reduce the financial strains caused by Covid-19.

During this period our conveyancing team worked hard to save thousands of pounds for our clients.

Now we are in October and the SDLT holiday is over – what does this mean for anyone now looking to buy a house?

From 1 October 2021, rates return to those prior to the SDLT holiday. That means the point you start paying stamp duty will be £125,001:

• £0-£125,000 = 0%

• £125,001-£250,000 = 2%

• £250,001-£925,000 = 5%

• £925,001-£1,500,000 = 10%

• £1,500,001+ = 12%

From the 1 October 2021 anyone purchasing an additional home will be paying stamp duty as follows:

• Up to £40,000 = 0%

• £40,000-£125,000 = 3%

• £125,001-£250,000 = 5%

• £250,001-£925,000 = 8%

• £925,001-£1,500,000 = 13%

• £1,500,001+ = 15%

For further advice in conveyancing matters please contact Preeti Lekhi on law@seymours.co.uk, | Leamington 01926 350031 or Coventry 024 7655 3961.