What Is Stamp Duty?
You usually pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price when you buy residential property, for example a house or flat. Stamp Duty only applies to properties over a certain value. The amount you pay depends on:
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- > When you bought the property
- > How much you paid for it
Rates from 1 July 2021 - 30 September 2021
The Government has announced an extension to the stamp duty holiday that is available on homes up to the value of £250,000.^ This could save homebuyers purchasing a house - at any price in England - up to £2,500, if you complete on your new home by 30th September, 2021
Example
In August 2021 if you buy a house for £275,000. The Stamp Duty you will pay will be calculated as follows
0% on the first £250,000
5% on the remaining £25,000 = £1,250
Total Stamp Duty = £1,250
