Stamp duty holiday is over
The Stamp duty holiday is over!
What is Stamp Duty?
Stamp Duty is a tax you might have to pay if you buy a residential property or a piece of land.
In July 2020, the Chancellor announced there would be a Stamp Duty Holiday. This meant buyers did not pay Stamp Duty on properties costing up to £500,000 during this holiday. But from 30th June 2021, the threshold dropped to £250,000 and returned back to normal levels, from 1st October 2021.
As the above thresholds have now ended the price threshold has been lowered to £125,000 for residential properties. This means, if you buy a property at a purchase price that is less than £125,000 you won’t have to pay Stamp Duty.
However, first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax*
Want to know more? We have all your Stamp duty questions answered here
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*first time buyer exemption terms and conditions apply: https://www.gov.uk/stamp-duty-land-tax/residential-property-rates
YOUR HOME OR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE. YOU MAY HAVE TO PAY AN EARLY REPAYMENT CHARGE TO YOUR EXISTING LENDER IF YOU REMORTGAGE.
(Photo Credit: Property reporter, 24th February 2021)