Stamp Duty Holiday as to Covid-19

Hi all,

I am just curious about the progress on appeal to govt for Stamp Duty Holiday, please if anyone has got update.

Hi Pradeep,

Nothing so far. The government introduced Stamp Duty holidays during 1991 and 2008 crises. Let’s hope that the government supports homebuyers during this crisis too.

I actually thought the facts relating to this issue were already well-known.

The information has, at this time of writing (September 2020) been freely available for several weeks on the UK Government’s own website, gov.uk.

From July this year until the end of March next year, NO stamp duty is payable on any property valued at less than £500,000.

Stamp Duty to the value of 5% is payable on any amount up to £425,000 more than £500,000 tax threshold.

Stamp Duty to the value of 10% is payable on any amount up to £925,001 more than the £500,000 tax threshold.

For properties of a value higher than that, Stamp Duty will be 10% or even as high as 12%.

The Government has provided an online Stamp Duty calculator for public use. Just go to this link:

https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro

type in the value of the property you’re interested in purchasing, and you’ll be advised there and then of what the Stamp Duty is to be on that amount from now until March 31st, 2021.

For the majority of buyers in the UK (i.e., those looking to purchase a home up to the value of half a £million) now is the best time in a long, long time to do so: the effective abolition of the otherwise disgraceful ‘Stamp Duty’ tax is strictly temporary; its re-instatement will add many £1000s to the cost of buying and/or moving home from April 1st next year.