SDLT-A boost to the housing market
The Government has today announced an SDLT change with immediate effect. Purchasers of residential property paying SDLT at the lower rates will pay a rate of 0% on the first £500,000 of the price. Purchasers paying SDLT at the higher rates will pay a rate of 3% on the first £500,000 of the price. For a purchaser spending £500,000 on a property, whether they pay the lower rates or higher rates, this change means an SDLT saving of £15,000 so it is a significant cost saving. This change will remain in place until 31 March 2021 and during this time it is hoped it will encourage otherwise reluctant buyers and sellers to press on and move home and ignite the housing market
Reduced rates of Stamp Duty Land Tax (SDLT) will apply for residential properties purchased from 8 July 2020 until 31 March 2021 inclusive
https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates
