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Tapered stamp duty to end

No doubt all conveyancers are aware, but it is worth a reminder for anyone working in property. The stamp duty holiday came to an end on 30 June 2021 with a tapered rate in place until the end of September. As with the June deadline, it will be imperative to manage expectations around completion and whether this will be possible before the end of the month. This only affects residential purchases up to £250,000, but if it is a second home, the stamp duty surcharge of 3% still applies.

Conveyancers should ensure all documentation is updated ready for 1 October 2021 when rates return to the following staggered rates:

Up to £125,000 - stamp duty: zero

£125,001 to £250,000 - stamp duty: 2%

£250,001 to £925,000 - stamp duty: 5%

£925,001 to £1.5 million - stamp duty: 10%

Above £1.5 million- stamp duty: 12%

Posted on 09/16/2021 by Ortolan

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