What’s the Stamp Duty Holiday and How Does it Affect You?
The government has announced that there will be a Stamp Duty holiday until March 31st of 2021. Before you picture a little stamp family heading off to the beach with buckets and spades then dismiss it entirely. You need to take a moment to think about how this affects you.
Are YOU thinking of buying a home before March next year? If the answer is ‘YES!’ then you need to know all about the Stamp Duty holiday.
What is Stamp Duty?
Stamp Duty Land Tax (SDLT) shortened to ‘Stamp Duty’ is a tax you pay on property you buy in England and Northern Ireland. The amount of Stamp Duty you pay will depend on where in the UK you are buying and the value of your property.
How much Stamp Duty will I pay?
From 8th July 2020 the Stamp Duty regulations have changed. Stamp Duty is going on a little holiday and if your property costs less than £500,000 you will not have to pay a penny. If your property costs more than £500,000 you will still have to pay at usual rates based on a percentage of the purchase price.
Why is the ‘holiday’ happening?
The reason the UK government have decided to suspend Stamp Duty is all because of the economy. In light of the COVID-19 pandemic they want to ensure the housing market is stable and moving. They believe that suspending stamp duty will stimulate the market and ensure everything stays hunky dory.
How does this affect me?
If you have been thinking about buying a property, then now is the time to go for it. Not having to pay stamp duty can save you serious money. We are talking ‘buy a new kitchen’ kind of money.
If you’re interested in viewing any property in the Devon area or want to know more about buying or selling your home please contact Godfrey, Short & Squire today. You can reach us by phone on 01837 54054 or by email at email@example.com