UK Stamp Duty
The UK Government has announced a Stamp Duty Land Tax (SDLT) Holiday between the 8th July 2020 and the 31st March 2021, which will help both British Nationals and international buyers.
The SDLT holiday will mean that the tax-free allowance on residential purchases has been raised from £ 125,000 to £ 500,000. The standard rates above £ 500,000 remain the same, but buyers will still save on their tax bill. Buyers purchasing a property over £ 500,000 will save £ 15,000 under the new rules.
Second home buyers are also eligible for the tax holiday but will continue to pay the extra 3% they were charged under the previous rules.
Stamp duty is payable to the HMRC 14 days from the date of completion. Your solicitor or legal adviser should take care of this for you and ensure you don’t miss the deadline. This is why we recommend using a UK based lawyer who can guide you through and ensure the transaction is completed correctly. Please contact us for our recommendations.
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