Stamp duty is a tax paid by buyers based on the value of the property.
Normally the Stamp Duty Land Transaction Tax has to be paid on all properties over £125,000, or £300,000 for first-time buyers.
On 8th July 2020, the Chancellor of the Exchequer announced a stamp duty holiday to zero percent for all properties up to £500,000 until 31st March 2021.
Stamp Duty Holiday has now been extended until the end of September 2021.
The scheme will function within the following time frames:
1. From March 2021 to 30th June 2021 the tax paid for properties below GBP 500,000 will be 0%.
2. From 1st July 2021 until 30th September 2021, the first GBP 250,000 of the purchase price will be exempt from taxes.
3. From the beginning of October 2021, the tax will return to its pre-pandemic level of 125,000 pounds.
Since the scheme has been introduced, a great number of homebuyers tried to benefit from the Stamp Duty break, which has led to a considerable increase in sales despite the pandemic.
Hurry Up if you still want to benefit from the Stamp Duty Holiday. Financial Agent is here to help and offer the best solutions in buying a property.
Please do not hesitate to contact us.
