Stamp Duty Land Tax is usually payable when buyers purchase a property which is worth more than £125,000.00. The Stamp Duty payable increases incrementally with the value of the property. As a result of the Coronavirus Pandemic, the Chancellor of the Exchequer introduced a stamp duty holiday which saved buyers from having to pay any stamp duty provided the property was worth less than £500,000.00.

The Stamp Duty holiday is ending and from the 1st July 2021, purchasers have had to pay stamp duty on properties costing more than £250,000.00. The stamp duty holiday will end entirely at the end of September 2021 and the previous stamp duty rules will apply.

To avail of the holiday, the purchase will need to complete before the close of business on the 30th September 2021. The purchase money must be paid to the seller’s solicitor and the buyer will need to have their keys in order to qualify.

The stamp rules for first time buyers have remained in place throughout the Pandemic and will continue to apply after the end of September 2021. No stamp duty is payable on properties costing up to £300,000.00. For properties costing up to £500,000.00 first time buyers will not need to pay stamp duty on the first £300,000.00.

Stamp Duty has been payable for buyers purchasing second and multiple properties throughout the Pandemic. Stamp duty for additional properties is made up of two parts and the surcharge has continued to be payable. Purchasers of additional homes have saved on the standard stamp duty element as a result of the holiday however this will end on the 30th September 2021.

Please contact the Property Team at Maclaine & Co. if you have any queries in relation to the above.