As part of the ongoing support during the COVID-19 crisis, the Chancellor announced a temporary reduction to Stamp Duty Land Tax (SDLT) on residential property in England and Northern Ireland. Want to know the details? Then read on…⁠
⁠
The new measures apply from 8 July 2020 until 31 March 2021.⁠
⁠
The current Residential SDLT threshold of £125,000 will rise to £500,000. This means that taxpayers who do not already own a residential property will pay no SDLT if they purchase a house for £500,000 or less.⁠
⁠
The residential property Higher Rate of SDLT will be reduced to 3% for buyers of second properties costing up between £125,001 and £500,000.⁠
⁠
The higher rate applies to residential property purchases made by companies as well as individuals.⁠
⁠
With mortgage rates at record lows, and now this reduction in stamp duty, its a great time to get on the property ladder. ⁠
⁠
At AllianceCA we love speaking about property tax – give us a call if you would like to discuss it too. ⁠
⁠
#HMRC #stampduty #AllianceCA #tax #charteredaccountants