Stamp Duty tapering from today
01 July 2021
The temporary holiday for stamp duty land tax is set to start tapering off from today as the UK continues its gradual closing of restrictions.
Introduced by Chancellor Rishi Sunak on 8 July 2020, the holiday saw tax rates on transactions of properties up to £500,000 in England and Northern Ireland cut to 0% to stimulate the housing market during the worst of the pandemic.
From 1 July 2021, the holiday will enter an interim period in which the zero rate will apply to properties valued up to £250,000. This will be the case until 30 September 2021, after which time rates will revert to their ‘normal’, pre-pandemic levels.
Here is a detailed breakdown of the rates:
|
Residential property price |
8 July 2020 to 30 June 2021 |
1 July 2021 to 30 September 2021 |
1 October 2021 onwards |
|
£0-£125,000 |
0% |
0% |
0% |
|
£125,001-£250,000 |
0% |
0% |
2% |
|
£250,001-£500,000 |
0% |
5% |
5% |
|
£500,001-£925,000 |
5% |
5% |
5% |
|
£925,001-£1.5m |
10% |
10% |
10% |
|
More than £1.5m |
12% |
12% |
12% |
For advice on all Stamp Duty matters, contact our Tax Partner Damian Evans in our Cardiff office on 02920 713800.