July 9th, 2020
The government has temporarily increased the stamp duty threshold to £500,000 for property sales in England and Northern Ireland, until 31 March 2021, to boost the property market and help buyers struggling because of the coronavirus crisis.
Anyone completing on a main residence costing up to £500,000 between 8 July 2020 and 31 March 2021 will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount.
This will save buyers as much as £15,000, if they are buying a property of £500,000 or more.
The move is aimed at helping buyers who have taken a financial hit because of the coronavirus crisis.
It is also intended to boost a property market hit by lockdown.
How much stamp duty will I pay now?
If the property purchased is your main home you won’t pay any stamp duty on it at all if it costs £500,000 or less.
The next portion of the property’s price (£500,001 to £925,000) will be taxed at 5%, and the £575,000 after that (£925,001 to £1.5 million) will be taxed at 10%
The remaining amount (over £1.5 million) will be taxed at 12%.