What is stamp duty?
When buying a house in the UK, you have to pay tax, this tax is called ‘Stamp Duty’.
Depending on where you are in the UK and how much you are buying the property for, this will affect the amount of tax you have to pay.
Stamp Duty Holiday
Since 8th July 2020, a Stamp Duty Holiday was introduced, suspending stamp duty on the first £500,0000 of all homebuyers sales, which means you don’t pay stamp duty on the first £500,000 of any property which is temporarily frozen until 31st March 2021
This was done to boost house prices and help homebuyers following the lockdown period.
Stamp Duty Holiday Rates
- Up to £500,000 = 0%
- On the amount from £500,001 to £925,000 = 5%
- On the amount from £925,001 to £1.5m = 10%
- Above £1.5m = 12%
This stamp duty holiday is due to end in 5 month’s time on the 31st March 2021, which means you have to complete the buying process to enjoy the stamp duty saving. Simply agreeing a purchase, and/or exchanging will not save those much loved pennies, you must complete the purchase before the stamp duty holiday ends next March.
So, don’t be tricked into thinking there is lots of time left until the Stamp Duty Holiday ends, treat yourself to a free, no-obligation valuation of your property and check out our excellent selection of available properties in and around Barnet that could potentially become your next home.