What happens to Stamp Duty on 1st July 2021?
With the end of June fast approaching, the main question for everyone looking to move is still about stamp duty. What happens next?
The stamp duty holiday has temporarily raised the threshold to £500,000, so no stamp duty is payable on a property priced below this amount until 30th June 2021.
What happens from July 1st?
Prior to the holiday being announced, the threshold for stamp duty began at £125,000, or if you were a first time buyer, on a property priced above £300,000.
From 1st July until the end of September 2021, the nil-rate threshold will be reduced to £250,000, before returning to the usual threshold of £125,000 on 1st October 2021.