Integra News What the Stamp Duty Holiday means for You (Residential)
At the beginning of March 2021, it was announced that the stamp duty holiday has been extended until the end of June 2021. However, the stamp duty holiday has caused confusion for buyers across the nation, as they do not understand how this affects them. Here, we want you to find out: What does the Stamp Duty Holiday mean for You?
Here are some easy to understand tables to explain how it all works.
| Stamp duty in England and Northern Ireland (until 30 June) | ||
|---|---|---|
| PURCHASE PRICE | RATE ON MAIN RESIDENCE (1) | RATE FOR ADDITIONAL PROPERTIES (2) |
| Up to £500,000 | 0% | 3% |
| £500,001 – £925,000 | 5% | 8% |
| £925,001 – £1,500,000 | 10% | 13% |
| £1,500,001 + | 12% | 15% |
(1) Rate applies to that portion of the purchase price. (2) Additional properties bought for less than £40,000 will be charged the main residence rate of stamp duty.
| Stamp duty in England and Northern Ireland (from 1 July until 30 September) | ||
|---|---|---|
| PURCHASE PRICE | RATE ON MAIN RESIDENCE (1) | RATE FOR ADDITIONAL PROPERTIES (2) |
| Up to £250,000 (up to £300,000 for first-time buyers) | 0% | 3% |
| £250,001 – £925,000 | 5% | 8% |
| £925,001 – £1,500,000 | 10% | 13% |
| £1,500,001 + | 12% | 15% |
| (1) Rate applies to that portion of the purchase price. (2) Additional properties bought for less than £40,000 will be charged the main residence rate of stamp duty. | ||
| Stamp duty in England and Northern Ireland (from 1 October) | ||
|---|---|---|
| PURCHASE PRICE | RATE ON MAIN RESIDENCE (1) | RATE FOR ADDITIONAL PROPERTIES (2) |
| Up to £125,000 (£300,000 for first-time buyers (3)) | 0% | 3% |
| £125,0001 – £250,000 | 2% | 5% |
| £250,001 – £925,000 | 5% | 8% |
| £925,001 – £1,500,000 | 10% | 13% |
| £1,500,001 + | 12% | 15% |
| (1) Rate applies to that portion of the purchase price. (2) Additional properties bought for less than £40,000 will be charged the main residence rate of stamp duty. (3) The £300,000 first-time buyer stamp duty threshold does not apply if the property you are buying costs more than £500,000 – if it does, you'll pay the normal rate of stamp duty. | ||
When do I have to pay my stamp duty bill?
Your Conveyancer/Solicitor will handle this for you and they will ensure the bill is paid within 14 days of completion of your property purchase. Your Conveyancer/Solicitor will request these monies generally a few days before completion is set so they have everything they need to get the purchase completed and all relevant charges paid.
If you are unsure about anything then use our stamp duty calculator or contact our team at Integra Financial Ltd. They will be more than happy to help.
Phone number : 0117 251 0083 Email address: enquiries@integraf.co.uk
PLEASE NOTE: A mortgage is a loan secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. We offer a comprehensive range of mortgage products from across the market. We offer both first and second charge mortgages, but not deals that you can only obtain by going direct to a lender. For those seeking to increase their existing borrowing, alternative finance options may be available and more appropriate for your needs. For example, a further advance from your existing lender or an unsecured loan (e.g., a personal loan).