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Stamp Duty Holiday ends: What are the rates now?

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Stamp Duty Holiday ends: What are the rates now?

With the Stamp Duty Holiday having now ended, a lot of homebuyers will want to know what the rates of SDLT will be going forward.

In this article, Conveyancing Associate Kym Gaisford details how much homebuyers can expect to pay in Stamp Duty, following the end of the ‘Holiday’.

What is Stamp Duty Holiday?

The stamp duty holiday was first introduced in July 2020, to help buyers whose finances were affected by the coronavirus pandemic.

The holiday essentially meant that homebuyers in England & Ireland wouldn’t have to pay any stamp duty tax on properties up to £500,000 up until 30 June 2021, and up to £250,000 from 1 July 2021 to 30 September 2021.

When did Stamp Duty Holiday end?

The Stamp Duty Holiday ended on 30th September 2021.

The normal Stamp Duty rates will be re-introduced from 1st October.

What will Stamp Duty rates be after the holiday?

From 1st October 2021, the stamp duty rates are returning to normal. This means that the point from which homebuyers start to pay stamp duty will return to £125,001.

Below are the SDLT rates from October:

  • £0-£125,000 = 0%
  • £125,001-£250,000 = 2%
  • £250,001-£925,000 = 5%
  • £925,000-£1,500,000 = 10%
  • £1,500,000+ = 12%

Are there any other reliefs for Stamp Duty?

Yes, there are a couple of reliefs that you may be able to claim to reduce your stamp duty:

First time buyers are eligible for Stamp Duty relief, details of which can be found here.

Taxpayers who purchase more than one property in a transaction, may be eligible for Multiple Dwellings Relief (MDR) for Stamp Duty. Details of MDR relief can be found here.

Bright Conveyancing Solicitors

If this article has raised any queries, please do not hesitate to get in touch with one of our expert Residential Property Solicitors. Please contact us on 01202 499255.

We offer all new clients a free initial chat with one of our bright, friendly lawyers over the phone or by video call.