The government has announced some temporary changes to the rate of Stamp Duty Land Tax (‘SDLT’).
For any property that is purchased in the UK between 8 July 2020 to 31 March 2021, the purchaser will not pay SDLT if the value of the property is no more than £500,000.00.
If the property you are buying costs between £500,001.00 to £925,000.00, you will pay SDLT at a rate of 5%.
If the property you are buying costs between £925,001.00 to £1.5 million, you will pay SDLT at a rate of 10%.
If the property you are buying costs between over £1.5 million, you will pay SDLT at a rate of 12%.
The above rules replace any previous special rules that were in place for first time buyers in the stated period.
This has likely been done to reinvigorate the property department and help the economy.
Please visit the below link for further information: https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates#residential-rates-on-purchases-from-8-july-2020-to-31-march-2021
Lawdit Solicitors Limited does not provide tax advice, but will be happy to provide information on the commercial/residential property considerations of acquiring a property in a personal or company name.