The Chancellor, Rishi Sunak, has removed stamp duty on property transactions up to £500,000 in England and Northern Ireland and confirmed that the change applies to home-buyers buying their main homes, but also to those buying second homes and buy-to-let properties.
The increased threshold for stamp duty relief will apply immediately and run until 31 March 2021.
Previously, only homes purchased for less than £125,000 and first-time buyers of homes purchased for less £300,000 were exempt from stamp duty.
However, the 3% surcharge for buying additional properties will still be applied. Therefore, for purchases in addition to a first home, just 3% will be paid for properties valued at up to £500,000, as opposed to the 5% that would have been paid previously.
Both companies and individuals buying residential property worth less than £500,000 will benefit from these changes.
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