No stamp duty for homebuyers on properties up to £500,000
Chancellor of the Exchequor, Rishi Sunak has just announced he is increasing the threshold for paying Stamp Duty from £125,000 up to £500,000 in an attempt to try and stimulate activity in the property market.
This means everyone buying a main home under £500,000 will pay no stamp duty at all. If the purchase price is more than £500,000 then Stamp Duty will only be payable on the amount above that figure.
There was no specific mention of second home and buy to let transactions but our belief is that these transactions will pay no standard Stamp Duty up to £500,000 but that they would still pay the additional 3% Stamp Duty on the whole purchase price.
Thousands of homebuyers stand to benefit from the this temporary change which applies immediately and extends until 31st March 2021.