Stamp duty changes- residential property
In his recent Summer Statement, Rishi Sunak announced changes to the nil rate band of Stamp Duty Land Tax (SDLT) to be applied in England and Northern Ireland.
This was followed by announcements from the Scottish and Welsh regional assemblies who set the rates in Scotland and Wales.
Here is a brief summary of the regional changes aimed at stimulating the UK property market. In all cases rates will revert to previous levels 31 March 2021.
England and Northern Ireland
From 8 July 2020, if you purchase a residential property you will only pay SDLT on the amount you pay above £500,000. This applies whether or not you have purchased a property before – it is not restricted to first time buyers.
Scotland
From 15 July 2020, if you purchase a residential property in Scotland you will only pay the Land and Building Transaction Tax on the amount you pay above £250,000.
Wales
From 27 July 2020, if you purchase a residential property in Wales you will only pay the Land Transaction Tax on the amount you pay above £250,000.
In all regions, it is presumed that buyers of second homes and buy-to-let residential properties will still pay the additional stamp duty charge.
Latest News
- Small companies required to file profit and loss when new Bill becomes law - September 26, 2023
- Companies House fees expected to rise to fund new powers - September 21, 2023
- Retirees set for second bumper State Pension hike as pay inflation soars - September 19, 2023
- Clampdown on hidden online fees to help shoppers cut costs - September 14, 2023
- One in five strips back pension contributions or halts them altogether - September 12, 2023
- Trying to track down a pension? Help is at hand - September 7, 2023
- Tax Diary September/October 2023 - September 5, 2023
- Class 2 and 4 NIC for the self-employed - September 5, 2023