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Fri 10 July 2020
Chancellor Rishi Sunak has announced that from now until the end of March 2021, the nil rate band for stamp duty (SDLT) will be extended to all homes purchased for £ 500,000 or under.
Therefore, if you purchase a residential property between 8th July 2020 and 31st March 2021, you will only start to pay SDLT on the amount that you pay for the property above £ 500,000*
By way of an example, if you purchase a property before March 2021, then on a property purchase of £ 300,000 you could now save £5,000.
On a property costing £500,000 the savings are even greater and you could be £15,000 better off.
So, if you are looking to move right now, it’s fantastic news and make sure that you do not miss out on this fantastic opportunity. Just think what you could do with an extra £15,000? – a brand new fitted kitchen perhaps? / maybe a conservatory?
If you’re thinking about moving home in the near future, there has never been better time. We have dozens of available properties within this price range right now to choose from – take a look: A selection of our sales properties
If you would like to discuss your property options, understand the impact this announcement will have on you or arrange a free valuation on your property, call us today and we can match you with your stamp duty free dream home.
* As savings differ depending on circumstances such as whether this is your main residential property or for personal or commercial use, you can use the HMRC Calculator to check what your savings could be.
Our team are ready to help you.
Moore Allen & Innocent
Tel: 01285 648 100