UK stamp duty calculations

It is worth knowing that the rate of stamp duty depends on where in the United Kingdom a property is located

England and Northern Ireland have the same rate. Whereas, Scotland uses a different rate band, as does Wales

Legislation brought in during March 2019, stated for England and Wales, new property-owners have only 14 days from completion (when all contracts are signed and dated) to pay any stamp duty costs, otherwise a fine and interest could be added on top of the overall cost

Generally, solicitors will take care of sorting out stamp duty during the handover, but it is the legal responsibility of the new property-owner to ensure the transaction tax is paid

The following tables outline stamp duty rates for the United Kingdom, and are correct for 2020

UK stamp duty “holiday” ends March 31, 2021

The stamp duty land tax holiday; a short-term support for the housing market for properties of less than £500,000 will end on March 31, 2021

In July 2020, Chancellor of the Exchequer, Rishi Sunak announced this temporary stamp duty land tax (SDLT) cut, to help action the property market following its closure during Coronavirus lockdown

A study from Moneysupermarket found that on average property buyers plan to spend £347,000 on a new home — with a stamp duty saving of £5,377

“Many would like to see the scheme extended and we believe the Government needs to put in place longer-term support for the housing market.”

Emma Harvey, of Moneysupermarket

This blog was written by:

— She And The Cat’s Mother (Gwen and Ida; mother and daughter — sharing entrant and organiser news) and is an extract from their book, Raffle Property: Your Winning Guide to House Competitions for entrants, property-owners and charity organisers ==>> I’d like to preview/buy this book from amazon now

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Sharing entrant and organiser news !!

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