What is it?
From 8 July 2020 until 31 March 2021, buyers will pay no Stamp Duty on the first £500k when they move home.
Who is it for?
How does it work?
A temporary increase to the Nil Rate Band of Residential SDLT (Stamp Duty) from £125,000 to £500,000 until 31 March 2021.
The 3% surcharge still applies for the purchase of additional dwellings and the portion between £500,001 and £925,000 will still be taxed at 5% (for those not affected by the surcharge).
What should I do next?
Critchleys Clients: If you have specific questions, please contact your Critchleys Accountant directly.
First Publsihed 9 July 2020
Last Updated 9 July 2020
9 July 2020