Stamp duty deadline
If you are buying a home in England or Northern Ireland you will probably be aware that there is currently a reduction to the rates of Stamp Duty Land Tax, so homebuyers will benefit from paying a reduced or zero rate until 31 March 2021.
This will benefit many first-time buyers as well as anyone buying a home worth more than £500k, as SDLT is calculated in different bands. Up to the 31 March you will pay the following stamp duty percentages: £0-500k - 0%, £500,001-£925k - 5%, £925,001-£1.5m - 10% and an additional 12% on properties worth over £1.5m.
You can still save money if you are buying a property that isn’t your main home, but there is a 3% SDLT charge on properties worth up to £500k. The next £425k (£500,001 - £925,000) is charged at 8% and the next (£925,001 - £1.5m) is charged at 13%. The remaining amount above £1.5m is charged at 15%.