Stamp Duty Holiday Explained.

The Stamp duty holiday on house purchases in England and Northern Ireland is extended to 30 June 2021 - on house purchases up to £500,000 - you will pay NO stamp duty.

After this date, from 1st July 2021, the starting rate of stamp duty will be £250,000 until the end of September 2021.

Stamp duty will then return to the usual level of £125,000 from 1st October 2021.

This could save you as much as £15,000, if you are buying a property of £500,000 or more.

How much will I pay?

If the property purchased is your main home - and the sale is completed before 30 June - you won't pay any stamp duty at all if it costs £500,000 or less.

The next portion of the property's price (£500,001 to £925,000) will be taxed at 5%, and the £575,000 after that (£925,001 to £1.5m) at 10%. The remaining amount (over £1.5m) will be taxed at 12%.

As a Landlord or purchaser of a second home, please take advice as to the 3% surcharge you will be liable for.