Are you interested in finding out how much stamp duty you will have to pay on your next property?
We have put together a Stamp Duty Calculator that will help you establish exactly what you will have to pay before committing to any purchases as well as display what you’d be saving by completing on your purchase before the 31st March 2021.
On 8th July 2020, UK Chancellor Rishi Sunak announced the temporary changes in the way Stamp Duty Land Tax (SDLT) was calculated. The changes began on the 8th July 2020 and will be active until 31st March 2021. As a buyer, you will only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property in the past, providing the home you are purchasing will be your main residence.
If you intend to purchase a buy to let property or an additional home, then the 3% higher rate charge will apply on property values of up to £500,000.
The stamp duty charge is payable to the HMRC 14 days from the date of completion, failure to do so may result in a fine. Any solicitors or legal advisers that you are working with on the purchase should take care of this for you and ensure you do not miss the deadline.
Stamp Duty to pay:
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