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% […]
Stamp duty rates have changed over the past few years but one thing that remains the same is that you have to pay quite a bit of money in stamp duty when you purchase a 1 million pound house. The amount that you pay is calculated in tranches based on the purchase price and needs […]
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 […]
How much stamp duty will I have to pay on the purchase of a £550k property? The answer to this depends on what your situation is and in particular whether this purchase is for your main or only residence or if you have/will have other property and it will be a subsequent property purchase. So […]
The Policy Paper has been published to confirm the changes that will take place from 1st April 2021 that allow for a 2% surcharge on the stamp duty payable on residential property in England and Northern Ireland that is purchased by non-UK residents. The General description of the measure is as follows:
Last week, the Chancellor Rishi Sunak announced a cut in stamp duty to 0% for the first £500,000 of the property purchase price in order to kick start the housing market. But does this stamp duty cut apply to second properties? The answer to this question is yes and no. The way that stamp duty […]
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 […]