With just 6 months to go until the end of the Stamp Duty Holiday it is now very important to start the moving process if you want to take advantage of this huge saving.
It may sound like 6 months is more than enough time to move home, however, taking into account the marketing process and legal conveyancing, the process can sometimes take longer than you think.
What is the Stamp Duty Holiday?
When you buy a property, you normally have to pay Stamp Duty Land Transaction Tax on all properties over £125,000, or £300,000 for first-time buyers.
On 8 July 2020, the Chancellor of the Exchequer announced a temporary stamp duty holiday that cut the rate of stamp duty to zero per cent for all properties £500,000 or under until 31 March 2021.
For example, if you are purchasing a property that is £400,000 as a main residence, before the stamp duty holiday you would have paid £10,000, now you pay £0.
There has also been a cut for buyers of additional properties, for example buy-to-let investors. The new rate for additional properties starts at three per cent up to £500,000, which, using the same example of a £400,000 property, would save the buyer £10,000 in stamp duty.
Stamp Duty Calculator
To find out how much you could save then use the Stamp Duty Land Tax Calculator here
Talk to your Propert Expert
To take advantage of this scheme and save thousands in the moving process, we would suggest organising a valuation as soon as possible.
Talk to your local property expert:
Cheltenham – Robert Wade – 01242 252699
Gloucester – Grace Davey – 01452 398010
Newent - Adam Davis – 01531 828970
Stonehouse – 01453 827640