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Stamp Duty Holiday

08th July 2020

 by Adam Sheikh

How much are you able to save on Stamp Duty?

The recent stamp duty holiday is a much welcome tax break introduced on 8th July 2020 by the Chancellor Rishi Sunak.

Anyone buying a main property with a value for up to £500,000 will pay no stamp duty before 31st March 2021. Properties that are over £500,000 will only have to pay the tax that is over the initial amount.

If for example you were looking at buying a property (main home) for £850,000, the stamp duty on this property would amount to £17,500.

The aim of this tax break is for buyers to reinvest the money saved on improvements that can be made to the property and for furniture.

If you would like to calculate how much you could save on stamp duty, click here for an updated link.

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