Stamp Duty Tax – What’s changed
Although the nil rated stamp duty holiday up to £500,000 ended last month in England and Northern Ireland, the good news is there are still savings to be had.
From the 1st July the Government has introduced a staggered return to the previous stamp duty rates, the nil-rated band lowered from £500,000 to £250,000 until the end of September, from the 1st October it is due to return to £125,000.
What does this mean?
Many buyers during this period will have the benefit of not paying stamp duty on the first £250,000, however, the amount of stamp duty to pay depends on a wide range of factors.
- How much you purchase your home for?
- Is this your main home?
- A holiday home?
- Is this an investment property?
- The location of the property
- Do you have a UK passport?
With a steady intake of new property coming on the market, don’t delay, make the most of reduced stamp duty tax. Our team at Cricketts Estate Agents can help, guide, and answer all your questions to get you through this process.