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Stamp Duty saving ready reckoner

We highlight the savings that can be made on residential property transactions whilst the Stamp Duty 'holiday' is in place until April 2021.

The following three tables show the amount of Stamp Duty payable on the purchase of a single residential property in England or Northern Ireland if the purchase completes before or after 1 April 2021. On that date, the Stamp Duty ‘holiday’ will end and a new 2% surcharge will apply to non-resident buyers.

Table 1: First-time buyers and home-movers

Price
(£)
Tax Now
(£)
Tax From 1 April 2021
(£)
Tax Saving
(£)
100,000 0 0 £0
200,000 0 1,500 1,500
300,000 0 5,000 5,000
400,000 0 10,000 10,000
500,000 0 15,000 15,000
750,000 12,500 17,500 15,000
1,000,000 28,750 43,750 15,000
1,250,000 53,750 68,750 15,000
1,500,000 78,750 93,750 15,000

 

Table 2: Landlords and second-home buyers

Price
(£)
Tax Now
(£)
Tax From 1 April 2021
(£)
Tax Saving
(£)
100,000 3,000 3,000 0
200,000 6,000 7,500 1,500
300,000 9,000 14,000 5,000
400,000 12,000 22,000 10,000
500,000 15,000 30,000 15,000
750,000 35,000 50,000 15,000
1,000,000 58,750 73,750 15,000
1,250,000 91,250 106,250 15,000
1,500,000 123,750 138,750 15,000

Table 3: Non-residents buying ‘additional’ dwelling

Price
(£)
Tax Now
(£)
Tax From 1 April 2021
(£)
Tax Saving
(£)
1,000,000 58,750 93,750 35,000
2,000,000 198,750 253,750 55,000
3,000,000 348,750 423,750 75,000
4,000,000 498,750 593,750 95,000
5,000,000 648,750 763,750 115,000
10,000,000 1,398,750 1,613,750 215,000
20,000,000 2,898,750 3,313,750 415,000
50,000,000 7,398,750 8,413,750 1,015,000
100,000,000 14,898,750 16,913,750 2,015,000

 

This information is for general information purposes only, is not intended to constitute legal or other professional advice and should not be relied on or treated as a substitute for specific advice relevant to particular circumstances.

Would you like to know more?

If you would like to discuss how this may affect you, please get in touch with your usual Blick Rothenberg contact or one of the partners to the right.

You can also visit our Property & Construction hub for more insights.