In July a Stamp Duty Land Tax (SDLT) holiday was introduced in the UK in order to maintain the activity of the real estate market and spur demand during the difficult time of the pandemic. So, what does this mean for the buyers:
1. Any property buyer will save £15 000 on their purchase until the 31st of March 2021, due to the raising of the tax-free threshold of purchase price from £125 000 to £500 000.
2. For non-UK-resident buyers a new extra fee of 2% is introduced from the 1st of April 2021 in addition to the usual SDLT rates.
As an example, when buying a property worth £1 million until the 31st of March, you will save £35 000.
The stamp duty for a non-resident buyer of a second home will be:
• until the 31st of March 2021 – £58,750
• from the 1st of April 2021 – £93,750
If you are thinking about buying a family home or are looking for an investment opportunity, we can calculate your savings for a purchase before the 1st of April 2021 and find the most suitable option together.