The stamp duty holiday is ending
Stamp duty land tax is a tax that is paid by home buyers based on the purchase price of the property. Last year the government introduced a temporary cut in stamp duty, known as the stamp duty holiday, to help the housing market recover from the coronavirus pandemic.
Initially, the stamp duty holiday meant that buyers didn’t have to pay the tax on the first £500,000 of the purchase price. From 1 July 2021 this was reduced, meaning stamp duty was payable on anything over £250,000.
The stamp duty holiday will end on 30 September, and from 1 October rates will return to their previous levels. Stamp duty will be payable on anything over £125,000.
How much stamp duty will I need to pay?
The amount of stamp duty that you will pay depends on the purchase price of the property you are buying.
£0 – £125,000: no stamp duty
£125,001 – £250,000 = 2%
£250,001 – £925,000 = 5%
£925,001 – £1,500,000 = 10%
£1,500,001 and over = 12%
You can calculate the amount you will need to pay by using the HMRC Stamp Duty Land Tax calculator, and we will confirm the amount as part of our conveyancing service.