What does the end of the Stamp Duty mean for you?
Oct 11, 2021
The current Stamp Duty holiday has ended. Here is what that now means for commercial and residential property buyers.
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The current Stamp Duty holiday has ended. Here is what that now means for commercial and residential property buyers.
The current Stamp Duty holiday has ended. Here is what that now means for commercial and residential property buyers.
The Government introduced the current Stamp Duty Land Tax (SDLT) holiday in July 2020. The idea behind it was to provide a boost to a property market impacted by COVID-19. For both residential and commercial property owners, it was welcome support.
Until June 2021 residential homebuyers didn’t pay any stamp duty on the first £500,000 of a purchase price. The government then extended the holiday until 30 September 2021. Under this extension, residential homebuyers were exempt from stamp duty on the first £250,000.
It certainly seems to have worked. The UK property market is booming, with mortgage approvals hitting their highest level since 2007, according to the Bank of England.
So with the SDLT holiday having now ended, what does it mean for you?
Residential property buyers
Unless you are a first-time buyer, all residential property buyers will pay Stamp Duty again from 1 October, on anything over the first £125,000. Here are the new rates in full since the Stamp Duty holiday:
Commercial property buyers
If you are purchasing property on a commercial basis, then Stamp Duty will also be payable once again from 1 October. These properties include:
To work out how much you will need to pay, use the handy SDLT calculator on the Government’s website, here.
This article must not be construed as legal advice. All cases are different on their facts and you should consult with us directly on your case.
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