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Stamp Duty Holiday… But What Does It Mean?

Posted on Thursday 6th August 2020

Who will benefit from the stamp duty holiday?

From today (8th July) until 31st March 2021, the treasury will lift the threshold at which point people would have to pay tax on purchase from £125,000 to £500,000. Accordingly, there will now be no stamp duty payable on house purchases up to £500,000.

On a house purchase at £500,000 it would save buyers £15,000, making it a very attractive incentive for buyers.

What were the previous stamp duty levels?

There was no tax on houses worth up to £125,000, anything between that and £250,000 paid 2 per cent of the value of the property.

Purchasers paid 5 per cent on properties between £250,001 and £925,000 and 10 per cent on houses worth £925,001 and £1.5m.


For more information or for advice, please contact our offices:

South Belfast Office

02890 668888

southbelfast@simonbrien.com

Holywood Office

02890 428989

holywood@simonbrien.com

East Belfast Office

02890 595555

eastbelfast@simonbrien.com

Newtownards Office

02891 800700

newtownards@simonbrien.com



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