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30th September 2021 - Stamp Duty update
Today marks the end of the Government’s Stamp Duty incentive. This means that from 1 October 2021, Stamp Duty rates will return to normal and your clients will pay Stamp Duty on properties valued over £125,000 (£300,000 for first-time buyers).
First introduced on 8 July 2020, the ‘Stamp Duty holiday’ saw the nil rate band increase to £500,000 to help drive economic growth throughout the UK housing market during the Covid-19 pandemic; this change ran until 30 June 2021.
To smooth the transition back to normal thresholds, the incentive was then extended until 30 September 2021, applying to properties up to the value of £250,000, before returning to normal rates from 1 October 2021. If your client’s purchase has not completed before the change, they will be liable to pay any Stamp Duty charges related to their purchase.
To find out more, please visit the Government’s Stamp Duty guidance page here.
If you’d like to get in touch with our Intermediary Support Team, please visit our dedicated contact page. We’ll be happy to answer any questions you may have.