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Stamp Duty

 

Breaking News - July 2020:

CHANCELLOR ANNOUNCES STAMP DUTY HOLIDAY FOR HOMES IN ENGLAND UP TO £500,000

Learn about the stamp duty tax, the Government’s new stamp duty holiday, and what you could save by purchasing your new Duchy Home before March 2021.

 

What Is Stamp Duty?

Stamp Duty is a land tax (also known as SDLT) that certain home buyers are required to pay to the Government when they purchase a property.

Up until recently, stamp duty had to be paid on all homes purchased for more than £125,000 (or more than £300,000 if you were a first-time buyer). The amount you paid was between 2% and 12%, depending on the property value.

 

How Has Stamp Duty Changed?

On 8th July 2020, the Chancellor announced a stamp duty holiday for buyers purchasing a main property worth up to £500,000 before 31st March 2021. First-time buyers as well as those who are already on the property ladder are eligible for this tax relief. This means you could make significant savings of up to £15,000 if you buy a new home at this time.

 

How Much Stamp Duty Will I Have to Pay?

Up until the end of March 2021 there will be no stamp duty tax on properties purchased for less than £500,000 (if it is your main home of residence). You’ll find a wide choice of beautiful homes on our website that are now stamp duty exempt, and you could also benefit from additional incentives and special offers we may be promoting – it’s the perfect time to make a move!

For homes purchased for more than £500,000, you will be required to pay stamp duty on the value above the exemption threshold at a rate that ranges from 5% to 12%. You can see the different rates in the table below, or you can use the stamp duty calculator.

If you’re buying a home that will not be your main residence, such as a second home or buy-to-let property, you’ll still be required to pay stamp duty and there will be an extra 3% added to the rate.

 

Stamp Duty Rates

House Price
(Minimum)
House Price
(Maximum)
Stamp Duty Rate
£0 £500,000 0%
£500,001 £925,000 5%
£925,001 £1,500,000 10%
Over £1,500,001   12%

 

Find Your New Home

There has never been a better time to buy! Take advantage of the stamp duty holiday and talk to our sales team about the additional ways we can help you move.