The stamp duty holiday in England and Northern Ireland came to an end on 30th September 2021. Hundreds of thousands of house buyers have taken advantage of savings that have been on offer since the tax break was introduced in July 2020.
Since July 2021, the amount buyers have been able to save reduced. But homes priced at or below £250,000 buyers did not have to pay stamp duty.
And now it changes again. Are you aware of the new changes?
What are the stamp duty rates from 1st October?
From 1st October 2021, if you are buying a main home in England, you won’t need to pay any stamp duty on the portion of the property priced at or below £125,000.
If you’re buying a main home from 1st October 2021, you won’t pay any stamp duty on the portion of the property priced at or below £125,000. The next £125,000 to £250,000 you will pay 2% tax. Anything you spend between £250,001 and £925,000 will incur 5% tax, rising to 10% for properties priced between £925,001 to £1.5 million. If you spend above £1.5 million, you will pay 12 per cent in stamp duty tax, as below:
|Stamp Duty Land Tax rates from 1st October 2021||SDLT rate|
|Up to £125,000||Zero|
|The next £125,000 (the portion from £125,001 to £250,000)||2%|
|The next £675,000 (the portion from £250,001 to £925,000)||5%|
|The next £575,000 (the portion from £925,001 to £1.5 million)||10%|
|The remaining amount (the portion above £1.5 million)||12%|
If you’re buying a property, you can work out how much you’ll pay by using the Rightmove stamp duty calculator
Tax rates are higher for those buying a second home.
Will first-time buyers pay stamp duty tax?
Great news! First time buyers in England and Northern Ireland won’t pay any tax on homes priced at or below £300,000. 5% on a property priced between £300,001 and £500,000. However if your first home is priced above £500,000 you won’t be eligible for a saving.
Still not sure on how much stamp duty you will have to pay? Our teams at Lawler & Co. are on call to help with this and any other queries you may have.
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