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The current SDLT regime means that whenever you purchase a residential property over the value of £125,000, or if you are a first-time buyer then over £300,000, you are liable to pay SDLT as a % of the value of the property.
Purchasing a property as your “main residence”:
The Chancellor has announced that no SDLT will be payable if the property you are purchasing is worth less than £500,000 and if the property that you purchase is above the threshold, you only pay a % of the value over this amount.
It is expected that the average stamp duty bill will fall by £4,500 and nearly nine out of ten people buying a main residential home will pay no stamp duty at all.
If you are purchasing an “additional” property:
If the property you intend to purchase is not your main residence, prior to 8 July 2020 buyers would be liable to pay a “higher rate” of SDLT at 3% on the value of a property up to £125,000 which would increase to 8% and further as the value increases. The new changes mean that additional property purchases will attract SDLT at the lowest 3% when purchasing up to the value of £500,000.
This temporary cut will last from 8 July 2020 until 31 March 2021.
If you would like any further information or advice in relation to buying or selling a property, please contact us on 01384 410 410 or send an email to residentialconveyancing@georgegreen.co.uk. You can also get a free quote by using our conveyancing quote tool on our website.