Stamp Duty Cut | News

Sales and lettings 0151 703 3703 Property management 0344 736 0063

Stamp Duty Cut

The government has announced a cut to stamp duty tax, a charge you must pay when purchasing a property over a specific threshold, which is great news for buyers across the UK providing the opportunity to save extra cash on the purchase of their new home! 

Effective immediately, buyers across the UK will pay no stamp duty on the first £250,000 of a property's value, up from £125,000, and first time buyers will pay no stamp duty tax on the first £425,000, up from £300,000.

What is Stamp Duty?

Stamp Duty Land Tax (SDLT) commonly known as Stamp Duty, is a charge you must pay when purchasing a property over a specific threshold in England and Northern Ireland. Stamp Duty applies when you:

  • Buy a freehold property
  • Buy a new or existing leasehold
  • Buy a property through a shared ownership scheme
  • Are transferred land or property in exchange for payment, for example you take on a mortgage or buy a share in a house

Stamp duty is charged at a percentage of the value of your home, which differs across various thresholds. Before the introduction of the stamp duty cut, you would be required to pay stamp duty on homes over the value of £125,000. 

How will the stamp duty cut help me?

Purchasing a home endures multiple costs, some you may not have been aware of. As the amount of money you save with the stamp dutycut depends on the value of your home, it is different for everyone, however every saving is a bonus when buying a new home. Here are some examples of where you can make the most of your savings:

  • You could apply for your home with a larger deposit, creating lower monthly repayments and saving you money in the long run.
  • Mortgages are not just the deposit, expenses you may not be aware of include legal, valuation and booking fees, which can add up quickly.
  • Whether it’s furniture and wallpaper or you have your eyes on a brand-new extension, extra savings means extra cash to make your new home just how you like it.

To find out more about Stamp Duty you can visit the government website here  https://www.gov.uk/stamp-duty-land-tax

 

If you need any information regarding stamp duty or advice on selling your property please get in touch:

T: 0344 736 0063. 

E: info@redwing.co.uk

Our website uses cookies to improve how it works. Visit our privacy pages for more information.

Please choose a setting: