UK Stamp Duty
UK Stamp Duty
The Chancellor of the Exchequer, Rachel Reeves, introduced her first budget today, and it was a big one. There was a big increase in tax on businesses and individuals with additional sources of income, and an increase in the level of stamp duty payable on second properties was also announced. Currently there is a 3% […]
The last few months have been a case of changes, u-turns, and more changes for the UK taxation system. One change that was put in by Kwasi Kwarteng in his short lived mini budget, was a change to stamp duty rates. This meant that rates were cut for a significant number of transactions (see link […]
The chancellor, Kwasi Kwarteng, has today announced some changes in his ‘mini-budget’ including a reduction in the rate of stamp duty for some purchases. What are the stamp duty changes that have been announced? They are as follows: No stamp duty is payable on purchases under £250,000 (this was previously set at £125,000) and for […]
In the budget today (3rd March 2021), Rishi Sunak announced that the stamp duty holiday that was previously going to run until 31st March 2021, has been extended until 30th June 2021. This extension was anticipated by the press and industry alike, as there has been a lot of action in the housing market to […]
Today (8th July 2020) the Chancellor of the Exchequer, Rishi Sunak has announced that there will be a temporary cut to stamp duty payments up to £500,000 until 31st March 2021, due to the effect of the Covid-19 pandemic on the housing market. Mr Sunak said that the reasons behind implementing this reduction were that […]
It is expected that today, 8th July, Rishi Sunak will unveil a host of financial packages to help the recovery after the Covid-19 pandemic. Among those changes is a possible suspension of stamp duty payments to try and encourage the housing market to recover. This could mean that buyers of properties up to a certain […]
The Chancellor of the Exchequer, Rishi Sunak, has just announced in his first budget speech on 11 March 2020, that there will be a surcharge on property purchases for overseas buyers buying property in the UK. The surcharge was stated to be 2% on top of the standard rates, and this would take effect from […]
Due to the ongoing political turmoil we are still waiting for an announcement on when the 2019 Budget will take place. Obviously with Brexit on the horizon I think we can assume that it is likely to be after 31st October when we will all have a better idea of the political and economic situation. […]
The government announced in the 2018 Budget that they were proposing a new surcharge on UK property purchases of an extra 1% of the purchase price where the buyer (or one of the buyers) is not a UK resident. The consultation process for that proposal has begun and will end on 6th May 2019. The […]
The Chancellor of the Exchequer, Philip Hammond, delivered his 2018 Budget yesterday (29th October) and introduced a couple of changes to Stamp Duty within that budget. One change was announced in the House of Commons during his budget speech and the other change was in the small print of the published budget documentation and so […]