Until March 2021 Stamp Duty has been altered to help stimulate the property purchase market.
Taxes are usually the biggest amount payable when buying a property in the UK normally with a mortgage loan and are also payable on stock and share transfers. There are many myths surrounding these duties, so we’ve published the latest information.
Stamp Duty Rates are set by the government, then payable to HM Revenue and Customs (HMRC) on completion of a property transaction.
Following the Chancellors recent statement and in an effort to restart the economy, home buyers will pay no stamp duty on the first £500,000 for property purchases until March 2021.
If the property purchase price exceeds £500,000, then the standard rates apply.