Let's be clear about Stamp Duty
Caz Blake-Symes • August 10, 2021
What are the rules and rates moving forward?
Information regarding Stamp Duty from 1 July 2021
In the economic uncertainties during the pandemic, the Chancellor Rishi Sunak introduced a Stamp Duty holiday that ended on June 30 2021.
You usually pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price when you buy residential property, for example a house or flat. SDLT only applies to properties over a certain value.
The amount you pay depends on:
• when you bought the property
• how much you paid for it
You must send an SDLT return if you pay more than £40,000 for a property - even if there’s no SDLT due. This is usually dealt with by your Solicitor or Conveyancer
With the Budget uncertainty now lifted, buyers and sellers can return to making decisions about their next move. Removing the threat of a new annual property tax from 210,000 homes for sale will help revive market activity in higher-value areas. However, the lack of any stamp duty reform means homebuyers will continue
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