· Rishi Sunak has announced that people purchasing properties of up to £500,000 will not pay Stamp Duty Land Tax
changes in order to encourage homeowners to move and to invest in their homes.
· This threshold has been raised from £125,000.
· Houses under £500,000 will face no tax charge, from £500,001 up to £925,000 will be charged at 5%, from £925,001 up to £1.5million will be charged at 10%, and any price above £1.5million will be charged at 12%.
· It should be noted that the 3% second homes surcharge still applies, however there will be some relief for these properties too.
· The Chancellor announced that this tax cut will apply until 31 March 2021, with the changes taking place immediately.
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This article is prepared with the intention of providing general information on the changes in law. Philip Ross Solicitors accept no responsibility for errors it may contain and the coverage of the topic is not comprehensive. You are advised to speak directly to the writer or another partner within this firm with any specific enquiries on the topic addressed.