What's stamp duty?
Stamp Duty Land Tax (SDLT) is a tax added on all land transactions in England, Wales and Northern Ireland.
Currently, property buyers must pay Stamp Duty Land Tax if they buy a property or land over £500,000.
The Government's extended stamp duty holiday means that there will be no stamp duty payable on the first £500,000 of all property purchases in England and Northern Ireland until the 30th June 2021. After that the rates will change so that properties below £250,000 will be stamp duty free until 30th September 2021, and thereafter the normal £125,000 threshold will apply.
This is for both first time buyers and those moving home.
For example, if the property is worth £350,000.00 the buyer will pay £0.
If the property value is £650,000 the buyer will pay 5% (£7,500) on £150,000