Reduced ‘stamp duty’ rates on residential properties from the 1st July will be an added bonus to so many prospective home buyers says Benwell Daykin.
It means that if you buy a residential property between July 1st 2021 and September 30th 2021, you start to pay Stamp Duty Land Tax on the amount you pay above the threshold of £250,000.
From October 1st 2021 the zero rate band will return to the standard amount of £125,000.
The rates from the October 1st 2021 are:
- Up to £125,000 – Nil
- The next £125,000 (the portion from £125,001 to £250,000) – 2%
- The next £675,000 (the portion from £250,001 to £925,000) – 5%
- The next £575,000 (the portion from £925,001 to £1.5 million) – 10%
- The remaining amount (the portion above £1.5 million) – 12%
When purchasing a house, the stamp duty fees you could potentially pay need to be taken into account when working out your finances. Benwell Daykin has an in-house financial adviser, available to assist you with any questions you might have regarding:
- Stamp Duty
- Life Insurance
For further information, please contact a member of their team on 0115 990 2007, by emailing firstname.lastname@example.org or just calling into their offices at 12, High Street. Opening hours are Monday to Thursday 9am to 5.30pm, Friday 9am to 5pm and Saturday 9am to 12pm.