The Chancellor has announced the current stamp duty holiday on the first £500,000 of property sales, will now run until 30 June 2021. After this date, the starting rate of stamp duty will be £250,000 until the end of September. Stamp duty will then return to the usual level of £125,000.
|Property or lease premium or transfer value||SDLT rate|
|Up to £500,000||Zero|
|The next £425,000 (the portion from £500,001 to £925,000)||5%|
|The next £575,000 (the portion from £925,001 to £1.5 million)||10%|
|The remaining amount (the portion above £1.5 million)||12%|
Should you wish for more information you can visit the following government website: https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates