Stamp Duty “Holiday”
Following the Government announcement today there will be a temporary change in stamp duty policy. The change will see the nil rate band increased from its current 0 – £125,000 limit, to 0 – £500,000 .
Whilst this change will only affect first time buyers who were buying between £300,000 – £500,000 the change does benefit everyone who is moving up the ladder. Based on Zoopla’s average house price of £286,126 in the UK, buyers would save £4,193.00. Money that the government is hoping will then be spent on the High Street.
The change does not just assist people moving up the ladder however, as the change affects the base rate on which surcharge stamp duty is applied, landlords will now pay 3% on stamp duty up to £500,000. For example, a landlord buying a £500,000 property under the new rules would pay £15,000 in stamp duty half of what they would have paid before.
As further information is obtained we will ensure that it is published on our website.
If you have any questions and are unsure of what we at Burtons can do for you then please give us a call on 01892 824 577.