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Stamp Duty Land Tax has been scrapped on all homes purchased for less than £500,000 with immediate effect
What is Stamp Duty Land Tax?
Stamp Duty Land Tax is a tax paid by people buying properties, although it varies slightly across the UK.
The amount handed to the government depends on where you are in the UK, the price of the property and whether you’re a first-time buyer or an investor.
The Chancellor today confirmed a cut to Stamp Duty Land Tax with immediate effect, increasing the threshold at which buyers purchasing a new home pay the levy from £125,000 to £500,000. This measure will remain in place until 31 March 2021.
Changes to the rates of tax paid by investors have also been announced.
How much will buyers save?
How much a buyer in could save under this measure will depend on how much the property costs, up to the maximum of £500,000.
For example, if you buy a property for £275,000 in England and you’re not a first-time buyer, you would usually pay £3,750 but for now, you’d pay no Stamp Duty Land Tax at all.
The Chancellor has said the average saving will be £4,500.
One of the most important factors in the conveyancing process is having the right solicitor – and no one understands the North Lincolnshire property market better than BRR Law. We can also act outside our local area too. With trusted and experienced experts we have been priviledged to help buy and sell properties throughout England and Wales.
How we can help with buying and selling property
Our specialist residential property lawyers are experienced in dealing with complicated issues and we have a reputation for being the “go to” firm when extreme urgency is required. Although conveyancing fees can be very similar from one solicitor to another, the service you receive can vary greatly. At BRR Law we aim to change the way you think about your solicitor…
We not only make buying and selling property straightforward, we keep the process on track, guiding you every step of the way.
A virtual library of expert conveyancing advice at your fingertips
Are you thinking of buying a second property? If so, click here to read about the Stamp Duty Land Tax rates which came into force on 1 April 2016 and apply on your purchase.
Our ‘Buying and Selling Your Home‘ guide highlights many points you probably hadn’t considered before.
For information on other conveyancing-related services visit our Property Law page here.
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“Excellent customer service. Friendly helpful and approachable…Natalie was excellent and professional throughout…Always felt that Natalie was working for my best interests at all times.”
AC, North Lincolnshire
Excellent firm who made our house buying and move very easy. Megan was amazing and made the whole process so much less stressful and explained everything fully. EG, Doncaster
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