Naturally, we are getting asked a lot of questions from both sellers and buyers in relation to Stamp Duty. Therefore, we have outlined the arrangements currently in place for residential property only. If you have any further questions, then please do contact us or a legal advisor.
The current Stamp Duty threshold for residential properties is £500,000. This changes on 1st July 2021, where the threshold will be £250,000. This changes on 1st October 2021, where the threshold will be £125,000.
There are also discounts or no tax payable for First Time Buyers.
If you're buying additional properties you will still have to pay an extra 3% in Stamp Duty on top of the revised rates for each band.
For more information on Stamp Duty, then we advise you visit The Governments Website.