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.
Property purchases from 1 October 2021
The SDLT thresholds will be:
- £125,000 for residential properties
- £150,000 for non-residential land and properties
These thresholds are the same as they were before 8 July 2020.
First-time buyers
From 1 July 2021, you’ll get a discount (relief) that means you’ll pay less or no tax if both the following apply:
- you, and anyone else you’re buying with, are first-time buyers
- the purchase price is £500,000 or less
You’ll also be eligible for this discount if you bought your first home before 8 July 2020.
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 18 August 2021
18 August 2021
Property purchases from 1 October 2021
The SDLT thresholds will be:
- £125,000 for residential properties
- £150,000 for non-residential land and properties
These thresholds are the same as they were before 8 July 2020.
First-time buyers
From 1 July 2021, you’ll get a discount (relief) that means you’ll pay less or no tax if both the following apply:
- you, and anyone else you’re buying with, are first-time buyers
- the purchase price is £500,000 or less
You’ll also be eligible for this discount if you bought your first home before 8 July 2020.
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
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