UK:
Temporary Reduced Rates For Stamp Duty Land Tax
10 July 2020
Veale Wasbrough Vizards
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From 8 July until 31 March 2020, the SDLT 0% band has been
increased from £125,000 up to £500,000. Thereafter the
old rates apply. Therefore, if buying at £500,000 you now pay
no SDLT at all. Previously this would mean paying £10,000 in
tax.
The same saving applies when buying at more than
£500,000.
Investors buying residential property still have to pay the
additional rate of 3%, but there is still a substantial saving for
them.
This will stimulate the residential property market as intended.
However, this is a temporary step and it waits to be seen how this
will affect the property market from April 2021 onwards.
Originally published by Veale Wasbrough Vizards, July
2020
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
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