Residential Stamp Duty Rates – purchases from 8 July 2020 to 31 March 2021

If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.

Stamp Duty rates

Up to £500,000 Zero

The next £425,000 (the portion from £500,001 to £925,000) 5%

The next £575,000 (the portion from £925,001 to £1.5 million) 10%

The remaining amount (the portion above £1.5 million) 12%

From 8 July 2020 to 31 March 2021 the special rules for first time buyers are replaced by the reduced rates set out above.

Higher stamp duty rates for additional properties or limited company purchases

The 3% higher rate for purchases of additional dwellings or for limited company stamp duty applies on top of revised standard rates above for the period 8 July 2020 to 31 March 2021.

The following rates apply:

Property or lease premium or transfer value SDLT rate

Up to £500,000 3%

The next £425,000 (the portion from £500,001 to £925,000) 8%

The next £575,000 (the portion from £925,001 to £1.5 million) 13%

The remaining amount (the portion above £1.5 million) 15%

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Your home is at risk if you fail to keep up payments on your mortgage or any other loans secured against it.

Buy to Let mortgages and Commercial Lending are not usually regulated by the Financial Conduct Authority

Compton Financial Services Ltd is an Appointed Representative of New Leaf Distribution Ltd. who are authorised and regulated by the Financial Conduct Authority. Number 460421. Head Office 165 – 167 High Street, Rayleigh, Essex SS6 7QA. Co registration Number 5520001.

Source – https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates