Stamp Duty Holiday

Posted on 10th July 2020

10/07/20Stamp Duty Holiday

The announcement by the Chancellor confirming a temporary Stamp Duty holiday will be welcomed by everyone planning a move!

The policy comes into effect immediately and will be in place until 31 March 2021.  This means that nearly nine out of 10 people buying a main home which completes before that date will pay no Stamp Duty at all!

The new rates are as follows :

Property or lease premium or transfer value SDLT rate
Up to £500,000 Zero
The next £425,000 (the portion from £500,001 to £925,000) 5%
The next £575,000 (the portion from £925,001 to £1.5 million) 10%
The remaining amount (the portion above £1.5 million) 12%

There is a helpful calculator on the Government website here so that you can calculate the Stamp Duty you will now pay.

If you are buying your main home and it is priced under £500,000 you will pay absolutely NO stamp duty!

With the exception of the four bedroom properties at Priors Orchard in Southbourne you can now buy one of our beautiful new homes and pay NO stamp duty during the stamp duty holiday!

On the four-bedroom Goodwood home currently available you would previously have paid £24,497 in stamp duty – during the stamp duty holiday this will reduce to £9,497 – a saving of £15,000!

Anyone purchasing an additional property will also benefit from the stamp duty holiday and the new rates are shown below:

Property or lease premium or transfer value SDLT rate
Up to £500,000 3%
The next £425,000 (the portion from £500,001 to £925,000) 8%
The next £575,000 (the portion from £925,001 to £1.5 million) 13%
The remaining amount (the portion above £1.5 million) 15%

Don’t miss out on this opportunity to benefit from the stamp duty holiday – contact the sales office at Priors Orchard on 01243 790581 and make an appointment to visit.  We are also offering a range of tailored incentives to help you achieve your dream home in Southbourne.

You can also contact our selling agent, Simply New Homes, on 01243 521833 or click here to complete the contact form.

Figures quoted above are sourced from www.gov.uk


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