Stamp Duty Holiday

Earlier this month Rishi Sunak presented the Chancellor Summer Statement outlining government plans to get the UK back up and running following the COVID-19 lockdown.

He announced a ‘Stamp Duty Holiday’ on the first £500,000 of all property sales in England until 31st March 2021 with immediate effect, putting property purchases and sales back on the map for a lot of people.

With Stamp Duty Land Tax paid on all land or property sold for £125,000 or more, buyers would normally pay 2% on £125,000 to £250,000 plus a further 5% on any proportion between £250,001 to £500,000. However, the Stamp Duty Holiday now means there will be zero Tax due on all purchases up to the value of £500,000 and only 5% due on a property from the £500,000 mark upto £900,000 until 31st March 2020. 

For those who are in a position to do so, now is a great time to invest and expand your Buy to Let property portfolio as the scheme significantly reduces the amount of cash you need to purchase a property.

If you are interested in expanding your portfolio or seeing what’s available, speak with your Portfolio Manager or head over to our website and have a look at the range of apartments and houses we currently have available to purchase.