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The amount of stamp duty tax you’ll need to pay depends on many factors, including how much you pay for the property, the location of the property, whether you have a UK passport, when you buy and whether you’re a first-time buyer. It also depends on whether you’re buying a main home or an investment property and if you buy in a company name.
From 1st July 2021 until 30th September 2021, there is a staggered return to previous stamp duty rates. During this time, many buyers of a main home in England or Northern Ireland won’t pay any stamp duty on the first £250,000 of the purchase price.
You must complete a property purchase by 30th September 2021 to benefit from the staggered extension of the stamp duty holiday rates.
Stamp duty rates are due to return to the levels which were in place prior to 8th July, 2020 as from the 1st October. You can check the rates using the HMRC website https://www.gov.uk/stamp-duty-land-tax .
Whatever you decide to do, Glanvilles LLP would be happy to assist you in the purchase or sale of your home. Get in touch with our Residential Property department in Chichester, Fareham or Havant by giving us a call or filling in our online enquiry form.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute, legal advice, and should not be relied upon as advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. All content was correct at the time of publishing. Legal advice should always be sought in relation to specific circumstances.