When purchasing a property between 8 July 2020 and 31 March 2021, SDLT is only paid on the amount the property is purchased at above £500,000. These rates apply whether buying a first home or for those that have owned property before. However, for anyone wishing to purchase an additional property between that time the higher rates for additional properties still must be paid
- Three per cent – properties up to £500,000
- Eight per cent – properties priced from £500,001 to £925,000
- 13 per cent – properties priced from £925,001 to £1.5 million
- 15 per cent – the portion or properties above £1.5 million
Propertymark campaigning
Propertymark called for a temporary reduction in property tax as part of a UK Property Support Package earlier in the year, and welcomes the development, having worked with Government departments to find ways to sustain the property market. We wrote to the Chancellor in May of this year, asking him to create a stimulus package, including a SDLT holiday, to help re-activate the housing market in light of the Coronavirus pandemic.
Today's announcement demonstrates our continued discussions and work with the Government in order to find ways to boost the property market. Propertymark is pleased that this latest campaigning success follows our other successful work on business rates relief, including commissioned staff within furloughed pay, and other support for the industry as the economy reopens.
Propertymark continues to work with the Government in the interests of our members to ensure that the needs of the sector are met.
