The residential stamp duty land tax threshold is increased temporarily to £500,000 until 31 March 2021.
Where completion takes place on or after 8 July 2020 and on or before 31 March 2021, no SDLT is payable on the first £500,000 of the consideration where the property is the only or main residence. The 3% supplement for additional properties costing £40,000 and above is added to the residential rates as reduced.
The thresholds for LBTT in Scotland and LTT in Wales are also increased temporarily.
Speak to us if you are planning on buying residential property to see how you can benefit from the temporary increase in the threshold.