Stamp Duty Savings
Stamp duty holiday: what it means for first-time buyers, home movers and landlords. Tax cut means movers and investors could save up to £15,000 until March 2021
Stamp duty thresholds across the UK are being raised until March 2021 as the government looks to spark the housing market into life in the wake of the COVID-19 outbreak.
Property price Saving under new rules
Home movers: mid-market cuts could help second steppers
In England and Northern Ireland, landlords and people buying second homes still need to pay the 3% surcharge, but can benefit from the raised threshold.
Previously, an investor buying a £500,000 home would have needed to pay 3% on the first £125,000 (£3,750), 5% on the next £125,000 (£6,250) and 8% on the remaining £250,000 (£20,000), resulting in a stamp duty bill of £30,000.
Now, though, they’ll only need to pay 3% on the whole £500,000 (£15,000), resulting in a saving of £15,000 – as shown in the table below.