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YOU CAN STILL BENEFIT FROM THE STAMP DUTY HOLIDAY

First Time Buyers now pay less or no tax if all purchasers are First Time Buyers and the purchase price of the property is £500,000 or less.

Since 1^st July 2021, the current Stamp Duty Land Tax (SDLT) threshold has gone down to £250,000. Although the bigger savings before this date have now been reduced, there is still an opportunity to save up to £2,500 on SDLT before it returns to its regular threshold rate of £125,000 from 1^st October 2021.

What has gone unnoticed by most commentators is the change that affects First Time Buyers, which also came into effect from 1^st July. Since that date, First Time Buyers now pay less or no tax if all purchasers are First Time Buyers and the purchase price of the property is £500,000 or less.

First Time Buyers are exempt from SDLT for the first £300,000, but since 1^st July, they now pay a reduced rate of 5% on purchase prices above £300,000 and up to, and including, £500,000. So, if you’re a First Time Buyer, but were unfortunate to miss out on the 30^th June deadline, there are still longer-term savings to be made, as these will continue for First Time Buyers after the SDLT returns to its £125,000 threshold from 1^st October 2021 for all other buyers.