Stamp Duty Holiday… But What Does It Mean?

Who will benefit from the stamp duty holiday?

From today (8th July) until 31^st 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.

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