Stamp Duty - What you need to know about the new temporary changes

Stamp Duty - What you need to know about the new temporary changes

With immediate effect the new Stamp Duty Land Tax (SDLT) threshold of £500,000 will apply and will run until 31 March 2021. This means any buyer purchasing a primary residential property between 8 July 2020 and 31 March 2021, up to the value of £500,000, will be exempt of paying Stamp Duty. 

According to a release by the Government the exemption will apply to all primary residential property purchases, so regardless of whether the purchaser is a first-time buyer or someone who has owned a property before. 

On purchases over the £500,000 threshold, buyers will pay a 5% SDLT on the portion from £500,001 to £925,000, 10% on the portion from £925,001 to £1.5 million and 12% on any portion over £1.5 million. 

Visit gov.uk for more information

When it comes to purchasing a second home, the Government has introduced higher additional rates with a 3% higher rate on top of the new revised standards. So, what this means is that people purchasing a holiday home up to the threshold value of £500,000 will pay 3% SDLT.  Those buying a second home over the threshold with pay 8% on the portion from £500,001 to £925,000, 13% on the portion from £925,001 to £1.5 million, and 15% on the remaining portion over £1.5 million. 

Visit gov.uk for more information

On new leasehold sales and transfers, the nil rate band which applies to the net present value of any rents payable for residential property is also increased to £500,000 until the end of March next year. A SDLT of 1% will be charged on any net present value of any rent over the threshold. 

It is not only individuals that will benefit from the changes. Companies purchasing residential property under the £500,000 threshold will also be exempt from the paying SDLT. Additionally, companies that buy residential property of any value that meet the relief criteria from the corporate 15% SDLT will also benefit from the change made.

From 1 April 2021, the SDLT holiday will come to an end and the SDLT regulations will revert to what they were before these temporary changes were announced. It is likely that many in the market will be rushing to take advantage of the SDLT holiday before the cut off date on 31 March 2021.

Use our Stamp Duty Calculator to find out how much you will have to pay for your new home. 

Contact us

Are you looking to make the most of the Stamp Duty changes? Discover some of our spectacular homes on the market under £925,000 or contact your local Fine & Country agent today.  

 

 

8th Jul 2020

More from Fine & Country

Homes Under £925,000
The Government have announced that the new Stamp Duty Land Tax (SDLT) threshold will be implemented with immediate effect and will apply and...
Read more >>
8th Jul 2020
Housing news: Highlights from the Budget 2016
Housing announcements in Chancellor George Osborne’s 2016 Budget mean that it could be the perfect time to buy your own pub, or invest in th...
Read more >>
16th Mar 2016
Stamp duty changes might not be all bad news
The new stamp duty rates for second homes are due to come into force in April 2016. This curve ball for property investors means that anyone...
Read more >>
5th Feb 2016

FINE & COUNTRY LIFESTYLE

DISCOVER MORE ABOUT FINE & COUNTRY

OUR DIGITAL FRONT DOOR IS STILL OPEN


While we are all protecting our communities and respecting social-distancing measures by closing many of our offices around the world, our digital front door is still open.

We still carry out virtual viewings and valuations.

Discover more »

facebook_post_np_logo
forsaleweb

SELLING YOUR PROPERTY


Selling your home is one of the most important decisions you make; your home is both a financial and emotional investment. Find out how we can help »

TAKE THEIR WORD FOR IT


An overwhelming majority of those who had used Fine & Country would recommend our services to a family member or friend, according to our most recent survey taken by members of the public.

To achieve 99.48% positive feedback is a privilege and we will endeavour to maintain this result. We are dedicated to offering the best possible services to every customer, whether buyer or seller, from beginning to end.

facebook-post_1200x628_v3
office_window

INDEPENDENT EXPERTISE


Every Fine & Country agent is a highly proficient and professional independent estate agent, operating to strict codes of conduct and dedicated to you. They will assist, advise and inform you through each stage of the property transaction.

GLOBAL EXPOSURE


With offices in over 300 locations worldwide we combine the widespread exposure of the international marketplace with national marketing campaigns and local expertise and knowledge of carefully selected independent property professionals.

staff
magazine

UNIQUE MARKETING APPROACH


People buy as much into lifestyle of a property and its location as they do the bricks and mortar. We utilize sophisticated, intelligent and creative marketing that provides the type of information buyers would never normally see with other agents.

PARK LANE OFFICE


Access the lucrative London and international investor market from our prestigious Park Lane showrooms at 121 Park Lane, Mayfair. Our showrooms in London are amongst the very best placed in Europe, attracting clients from all over the world.

MULTI-AWARD WINNING


Our consistent efforts to offer innovative marketing combined with a high level of service have been recognised by the industry for an astounding fifth year in a row, winning Best International Real Estate Agency Marketing at the International Residential Property Awards.

awards_stone
Independent customer reviews



Fine & Country

4.86 out of 5 - based on 1347 customer reviews



Estate Agent and Letting Agent Reviews

OVER 300 LOCATIONS WORLDWIDE

Our International Network


Connecting offices on over 300 locations worldwide, our referral system combines local knowledge and expertise with an international network to find the right buyer for you wherever they are, at the same time as finding you your ideal next move

Our International Websites

United KingdomRussiaFranceHungaryCyprusGermanySpainPortugalMauritiusMoroccoCape VerdeNamibiaWest AfricaSouth AfricaAustraliaFloridaZimbabwe

SOCIAL MEDIA

We interact with customers on the main social media channels including Facebook, Twitter, YouTube, LinkedIn and Pinterest, giving each property maximum online exposure.

 

FINE & COUNTRY SERVICES

FINE & COUNTRY
INTERIOR DESIGN


Access Fine & Country Interior Design to put your property ahead and make it stand out. With expert advice from some of London’s best stylists and designers we will make sure it makes a statement. Or if you’re purchasing with us, let F&C ID help make your new house feel like home by helping you find the very best specialists and designers for property refurbishment. Find out more »

development_image1
ifx_3s

FINE & COUNTRY
FOREIGN EXCHANGE


We have partnered with Rational FX, one of the world’s leading foreign exchange specialists to provide private and tailored currency services for all of our clients buying and selling luxury property around the world. Find out how we can help »

MEDIA CENTRE


Our internal Media Centre is a team of experienced press relations managers and copy writers dedicated to liaising with newspapers, magazines and other media outlets to gain extensive coverage for our properties in national and local media.

media_thumb_crop
tileevent

FINE & COUNTRY EVENTS


We organise and attend a series of events throughout the year. If you are interested in attending or if you would like to promote your properties at any of these events, do not hesitate to contact us.View our list of events »

FINE & COUNTRY PUBLICATIONS

THE FINE & COUNTRY FOUNDATION


The Fine & Country Foundation is dedicated to supporting and funding homeless causes in the UK and overseas. Fine & Country offices organise a range of fundraising events for you to get involved in and/ or support. Find out more about our work here. Read more »

*Please, note: for security reasons, the maps on this website do not provide the exact location of the property and they are provided solely as an indication of area.