Stamp Duty 101: What You Need To Know

Following the recent decision to extend the stamp duty holiday until the end of September 2021, we wanted to provide homebuyers with a complete guide on everything there is to know about stamp duty.

What is stamp duty?

In the simplest terms, stamp duty is a tax that needs to be paid when a homebuyer purchases a property in England and Northern Ireland. The amount of stamp duty that a person pays depends on the purchase price of the property.

How much is stamp duty?

The amount of stamp duty you pay will depend on what price threshold your property falls into. Use the stamp duty calculator below to help you work out how much stamp duty you would have to pay for your property:

What is the stamp duty holiday?

In July 2020, the UK announced a stamp duty holiday for homebuyers in response to the Coronavirus pandemic – which saw the stamp duty threshold temporarily increase. This meant in England and NI, there was no stamp duty on the first £500,000 of any home until the 31st March 2021.

However, in the most recent budget, Rishi Sunak has announced that the current stamp duty holiday will be extended until the 30th June 2021. Following this, the nil rate will then be increased to £250,000 until the end of September 2021.

What does all this mean?

This extension of the stamp duty holiday means that homebuyers now have more time to complete on the purchase of their new home without having to pay any stamp duty.

If you are looking for your next dream home and want to benefit from the current stamp duty holiday, take a look at all of the amazing properties we have for sale at the moment – or contact one of our branches today to find out more!

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