Stamp Duty up to £500,000 Abolished!

Posted on Wednesday, July 8, 2020

Stamp Duty up to £500,000 Abolished!

This is an amazing boost for the English property market, coupled with other great incentives that have been announced today, this is exactly the shot in the arm for both property sellers and buyers that was needed to boost confidence it  and will save an extraordinary amount of money for buyers. This is good for sellers too, as it will mean that there will be more purchasers registering to buy with Estate Agents and the knock on effect will be a higher volume of viewings and the opportunity to acheive a higher asking price from their house sale. If you want to learn more, please Contact Mike at Jacobs & Hunt, Petersfield 01730 262744 mike@jacobshunt.co.uk  

 

Property or lease premium or transfer valueSDLT rate
Up to £500,000 Zero
The next £425,000 (the portion from £500,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

Not only that, it gives buyers and sellers the confidence that we need as a consumer nation to go and buy and get on with our lives. If you are currently purchasing a property at £500,000 and you have not exchanged (8th July 2020) then you have effectively just saved yoursel £15,000.

If you are purchasing at £600,000 then you will only pay 5% Stamp Duty on the amount over £500,000, being £5,000 (upt to £925,000)

Want to know more? Contact Mike at Jacobs & Hunt, Petersfield 01730 262744 mike@jacobshunt.co.uk