Stamp Duty Tax – The End of the Holiday23/06/2021
Stamp Duty Tax – The End of the Holiday
Rightmove have noted there are more than 700,000 homes going through the sale process right now racing for a completion before 30th June – when the stamp duty holiday ends. This is the highest number seen in the past decade!
What does this mean for homebuyers?
From 1st July, the stamp duty holiday will end. Previous stamp duty rates will be making a staggered return, starting with the nil-rate band will be lowered from £500,000 to £250,000 until the end of September. The stamp duty tax will then be returning back to normal from 1st October with the nil-rate band being at £125,000.
What factors are included in Stamp Duty?
The amount of stamp duty paid on a property depends on multiple factors, with the main ones including:
The price of the property
Whether you have a UK passport
If you’re a first-time buyer
If the property is a holiday home, main residence or investment property
Unsure how much you will be paying? Follow the link below to rightmove's handy stamp duty calculator.
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