Chancellor Rishi Sunak has announced a Stamp Duty holiday with immediate effect on all property sales in England and Northern Ireland up to the value of £500,000 until March 31st 2021.
This means that you won’t pay any stamp duty on homes up to £500,000, saving you up to £15k in tax!
People buying second homes and buy-to-let properties will also benefit, but will still have to to pay the 3% extra duty due on the entire price.
The more you pay – up to the new £500,000 threshold – the more you could save on stamp duty. Before the stamp duty holiday, if you bought a house for £275,000, for instance, the stamp duty you’d have had to pay would have been £3,750. That’s based on 0% duty on the first £125,000, 2% on the next £125,000 (£2,500), plus 5% on the final £25,000 (£1,250).