On 8 July 2020 the government announced an immediately suspension of Stamp Duty until 31 March 2021 for homebuyers purchasing a property up to the value of £500,000.
For those homebuyers you will pay no Stamp Duty on any residential purchase of up to £500,000 . This is a tax saving of up to £15,000.
Changes to Stamp Duty charges will also benefit those buying additional properties for investment or as a buy-to-let who will now only pay 3 percent tax on purchases of up to £500,000. This means whereas prior to 8 July 2020 you would have paid £30,000 stamp duty to purchase a £500,000 house, you will now only have to pay £15,000.
This welcome news will also benefit anyone wishing to sell their property as it is likely to bring many more buyers to the table wishing to take advantage of this huge short term tax saving.
If you would like to discuss the Stamp Duty changes or would like advice on selling or purchasing a property we at Kenyon Son & Craddock have a specialist team who would like to help. Please feel free to contact us by email at firstname.lastname@example.org or by telephone on 01405 813108.