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Menu
  • Home
  • About Us
    • Meet The Team
    • Accreditations & Associations
  • Our Services
    • Agricultural Law and Rural Business
    • Residential Property
    • Commercial Property
    • Wills, Probate & Trusts
  • Latest News
  • Resources
  • Recruitment
  • Contact
  • Fees & Services Guide
    • Terms of Business
    • Price & Services Notice – Probate Estate Admin Range of Costs
    • Price & Services Notice – Probate Fixed Fee
    • Price & Services Notice – Purchase of Freehold Property
    • Price & Services Notice – Purchase of Leasehold Property

Stamp Duty ‘Holiday’ – How Can You Benefit?

  • July 29, 2020
  • Latest News
SDLT

Rishi Sunak, the Chancellor of the Exchequer, announced a temporary Stamp Duty Land Tax (SDLT) ‘holiday’ on the 8th of July 2020. Although the measure is only temporary, the expectation is that the SDLT ‘holiday’ will instil confidence in the housing market and encourage buyers to take advantage of the reduced rates of tax. 

SDLT is a tax paid by people buying properties in England and Northern Ireland. The amount payable is based on a number of factors, such as the purchase price, whether it’s the buyer’s first property or an investment.

Prior to the commencement of the ‘holiday’ as soon as it was announced on the 8th, ordinarily, if you purchase a residential property, you would have to pay SDLT at the following rates:

  • Purchase price up to £125,000 – Zero
  • More than £125,000 but less than £250,001 – 2%
  • The next £675,000 (the portion from £250,001 to £925,000) – 5%
  • The next £575,000 (the portion from £925,001 to £1.5 million) – 10%
  • The remaining amount (the portion above £1.5 million) – 12% 

First time buyers are exempted from SDLT on residential properties purchased for up to £300,000. 

This announcement by the Chancellor is part of the Government’s response to the impact of Coronavirus on the economy. The temporary relief will be in place until the 31st of March 2021. During this period, there will be no SDLT payable on properties purchased for up to £500,000 in England and Northern Ireland, whether you are a first time buyer or not.

In practical terms, this means an average savings of £4,500 for every buyer. This is encouraging news for numerous people across the country and we have already seen an increase in the number of our clients, either seeking to step onto the property ladder for the first time or adding to their existing portfolio.

Properties over the £500,000 threshold will still attract SDLT and the tax payable will be calculated based on the purchase price and the buyer’s circumstances. For a better idea of the Stamp Duty payable on a property you are interested in buying, simply use the Government’s SDLT calculator.

To take advantage of this temporary relief and save a substantial amount which could then be better utilised by furnishing your new property, for example, you will need to complete your purchase before the 1st of April 2021, when the SDLT holiday comes to an end.

If you have any questions on how the SDLT holiday impacts you or if you would like us to guide you through the legal process of buying a property, please contact any member of our Residential Property Team. Or simply email us at enquiries@arnoldthomson.com.

  • housing, residential, sdlt, stamp duty
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Arnold Thomson Solicitors is the trading name of Arnold Thomson Limited registered in England & Wales. Company number 6207836. Authorised and regulated by the Solicitors Regulation Authority SRA Number 463361. A list of Directors is available at the registered office address. You can access the Solicitors Regulation Authority’s rules from their website at SRA website.

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Coronavirus Outbreak – A Message from Arnold Thomson

Dear All,

In these trying and unprecedented times we find ourselves, we wanted to update you of the steps we are taking at Arnold Thomson in response to the Coronavirus outbreak in the UK and beyond. Needless to say, the safety of our staff, our clients, professional colleagues and all our contacts is of paramount importance. It has therefore proven necessary for us take some measures, in adherence to the guidelines issued by the UK Government and the NHS. In addition to all the precautionary steps advised by the NHS, we have also implemented social distancing measures as well as working from home wherever possible. We have maintained and will continue to maintain (until or unless otherwise advised by the Government), a presence in the office such that we all continue to attend to our clients’ matters both from the office and remotely. To reduce the risk of potential exposure to the virus for clients as well as our staff, we have however decided not to hold face to face meetings for now, except in exceptional or essential cases. Instead, we are happy to attend to you over the telephone, via Skype, FaceTime and other reliable and secure alternatives. Please call our offices as normal, email your enquiries to us at enquiries@arnoldthomson.com and visit our website for regular updates.

Over the years and in anticipation of situations such as this, we have perfected our Business Continuity Plan, which enables many of us to be able to work outside the office in the same manner as we would from our premises. We are therefore confident that all the resources which we already have in place will enable us to carry on our business as normal, while concurrently protecting the safety of our staff. We would like to reassure all our clients that we will continue to look after your best interests and to progress matters on your behalf. Please be rest assured that our strict policy on confidentiality and data protection remains firmly in place at all times.

Finally, we remain vigilant in closely monitoring events, further updates from health organisations and the Government. We will continue to adopt necessary measures to ensure safety and to continue to meet the needs of our clients.

Please do not hesitate to contact us if you have any questions.

Best Wishes,

Arnold Thomson