News

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

First-time buyers:

This table shows the savings first-time buyers can make between now and 31st March 2021.

Home movers: mid-market cuts could help second steppers

This table shows how much existing home owners can save if they move before 31st March next year.

Buy-to-let investors:

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.

First time buyer calculator

Source: Which?

Share this article

Read more news
Posted on 9th April 2024
Posted on 8th August 2023
Posted on 1st June 2023
Posted on 1st June 2023
Posted on 7th August 2021
Posted on 11th February 2021
Posted on 6th December 2020
Posted on 6th December 2020
Posted on 23rd November 2020
Posted on 21st October 2020
Posted on 1st September 2020
Posted on 10th July 2020
Posted on 9th June 2020
Posted on 1st June 2020
Posted on 22nd May 2020
Posted on 20th May 2020
Posted on 14th May 2020
Posted on 14th May 2020
Posted on 23rd April 2020
Posted on 21st April 2020
Posted on 31st March 2020