The Chancellor has today confirmed a revision to the Stamp Duty Land Tax (SDLT) rates saving those purchasing homes thousands of pounds.
The new rates mean the threshold for paying SDLT will be raised from £125,000 to £500,000 - a saving of up to £15,000!
These measures will apply from midnight tonight 8th July 2020. Purchasers should seek legal advice regarding transactions currently underway. The reduction in duty payable will apply to transactions up to 31st March 2021
This is a great incentive for home buyers and will no doubt stimulate the market across all price ranges - especially in Northern Ireland where the new threshold will have the greatest impact.
If you wish to discuss your housing needs (buying or selling) please contact us on (028) 9042 1414 or firstname.lastname@example.org