Do not miss out on the stamp duty saving!
The current Stamp Duty Holiday comes to an end 31st March 2021. Why you need to sell your property NOW!
What is stamp duty?
Stamp duty is a tax paid by people buying properties.
In England and Northern Ireland buyers pay Stamp Duty Land Tax.
The amount handed to the government depends on the price of the property.
The changes to stamp duty only apply to buyers in England and Northern Ireland.
What has changed?
The government has temporarily increased the stamp duty threshold to £500,000 for property sales in England and Northern Ireland, until 31 March 2021,
Anyone completing on a main residence costing up to £500,000 before then will not pay any stamp duty, and more expensive properties will only be taxed on their value above that amount.
This will save buyers as much as £15,000, if they are buying a property of £500,000 or more.
The move is aimed at helping the housing market and the wider economy during the coronavirus crisis.
The average stamp duty bill will drop by £4,500, Mr Sunak has suggested, with nearly nine out of 10 people buying a main home this year paying no stamp duty at all.
How much stamp duty will I pay now?
If the property purchased is your main home, you won't pay any stamp duty on it at all if it costs £500,000 or less.
The next portion of the property's price (£500,001 to £925,000) will be taxed at 5%, and the £575,000 after that (£925,001 to £1.5m) at 10%.
The remaining amount (over £1.5 million) will be taxed at 12%. You can calculate how much you are liable to pay here.
Before the announcement, stamp duty in England and Northern Ireland was paid on land or property sold for £125,000 or more, while first-time buyers did not pay any stamp duty up to £300,000. But this stamp duty holiday replaces the first-time buyer discount.
Landlords and second home buyers are also eligible for the tax cut but will still have to pay the extra 3% of stamp duty they were charged under the previous rules.
Why should you market your home now?
As mentioned, the current stamp duty holiday could mean that if you are buying a home at £500,000 or over you will be saving an incredible £15,000 based on the tax due prior to the scheme. However, a key element is that you will need to complete before the 31st March 2021 in order to benefit. Given the fact that the average transaction at present is taking in the region of 12 weeks to progress to completion the window of opportunity to achieve a sale and complete before the deadline is narrowing.
At Church & Hawes we know how important making this deadline is to many of our sellers and can offer you the experience and expertise ensure that an efficient sale is achieved and the support you need to expedite your home sale and purchase.
Don't miss this opportunity and get in touch with your local Church & Hawes NOW! CONTACT US