On 1st July, the Chancellor's Stamp Duty holiday changed from the full amount to the taped extension.
The stamp duty holiday was introduced by the Chancellor to help boost the property market during the pandemic.
Up until 30 June 2021, the stamp duty holiday applied to the first £500k of a property’s purchase price. This rate has now ended and a tapered extension is in effect, applying to the first £250k of the purchase price.
Landlords are able to take advantage of the stamp duty holiday, although they still need to pay the 3% surcharge on regular stamp duty rates.
|Property price||Standard Stamp Duty rate||Buy-to-let Stamp Duty rate|
|£0 to £250,000||0%||3%|
|£250,001 to £925,000||5%||8%|
|£925,001 to £1.5m||10%||13%|
The extension ends on 30 September 2021 when stamp duty rates revert back to pre-holiday thresholds.
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