With the tax rates on Stamp Duty returning to pre-covid percentages at the end of September 2021, you may be wondering what this means for you and paying Stamp Duty on your new home.
From the 1st October 2021 the rates have returned to normal – you can see these percentages on the table below.
If you have any queries with Stamp Duty on your purchase journey, speak to our team at your closest development.
Stamp Duty percentage from 1st October 2021
If your new home is £500,000, from the 1st October you would pay 5% Stamp Duty land tax on the portion from £250,001 to £500,000, costing £12,500.
Unless you're a First Time Buyer...
First Time Buyers still benefit from Stamp Duty savings on homes up to £300,000. If the property price is between £300,001 and £500,000, you will only be required to pay 5% on this proportion.
If your new home is £365,000, you would pay 5% Stamp Duty land tax on the portion of the purchase price from £300,001 to £500,000, which would cost £3,250.
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