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Stamp Duty Cut

Stamp Duty Cut

What is it?  

From 8 July 2020 until 1 October 2021, buyers will pay no Stamp Duty on the first £500k when they move home.  

Who is it for? 

Everyone  

How does it work? 

The temporary increase to the nil rate band for Stamp Duty Land Tax (SDLT), which is the rate before you start paying SDLT on residential property has been extended.

Rather than ending on 31 March 2021, the temporary nil rate band of £500,000 will be in place until 30 June 2021. Then from 1 July 2021 to 30 September 2021 the nil rate band will be £250,000. The nil rate band will return to the standard amount of £125,000 on 1 October 2021.

What should I do next? 

Critchleys Clients: If you have specific questions, please contact your Critchleys Accountant directly.

 


First Published 9 July 2020
Last Updated 3 March 2021

3 March 2021
The temporary increase to the nil rate band for Stamp Duty Land Tax (SDLT), which is the rate before you start paying SDLT on residential property has been extended.

Rather than ending on 31 March 2021, the temporary nil rate band of £500,000 will be in place until 30 June 2021. Then from 1 July 2021 to 30 September 2021 the nil rate band will be £250,000. The nil rate band will return to the standard amount of £125,000 on 1 October 2021.

9 July 2020
First published

Find out more about Ian Timms

Ian Timms

Ian Timms

Ian is a Partner and the Head of Business Tax at Critchleys LLP.

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