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2nd Property Stamp Duty Covid-19 Stamp Duty Questions

Does the Stamp Duty Cut Apply to Second Properties?

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stamp duty cut apply to second properties?Last week, the Chancellor Rishi Sunak announced a cut in stamp duty to 0% for the first £500,000 of the property purchase price in order to kick start the housing market. But does this stamp duty cut apply to second properties?

The answer to this question is yes and no. The way that stamp duty is calculated on a second property is that you basically pay an additional 3% of the purchase price on top of the standard stamp duty that is payable on a residential property (assuming that the property you are purchasing costs more than £40,000). Continue reading

Covid-19 Stamp Duty Changes

Stamp Duty Suspension

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Official portrait of Rishi Sunak crop 3

Today (8th July 2020) the Chancellor of the Exchequer, Rishi Sunak has announced that there will be a temporary cut to stamp duty payments up to £500,000 until 31st March 2021, due to the effect of the Covid-19 pandemic on the housing market.

Mr Sunak said that the reasons behind implementing this reduction were that the housing market needed a push to restart. The number of property transactions dropped 50% in May, house prices have decreased and the sector needs a push to get the market moving. Continue reading

Covid-19 Stamp Duty Changes

Rishi Sunak to Make Stamp Duty Annoucement

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uk property stamp duty

Stamp Duty could be reduced to 0% temporarily for some purchases.

It is expected that today, 8th July, Rishi Sunak will unveil a host of financial packages to help the recovery after the Covid-19 pandemic.

Among those changes is a possible suspension of stamp duty payments to try and encourage the housing market to recover.

This could mean that buyers of properties up to a certain value (possibly £500,000) may not need to pay any stamp duty when moving house – but we will update you here as soon as the full details are announced. Continue reading

Covid-19 HMRC

Covid-19 and Property Transactions

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stop property transactions

Transactions may need to be put on hold during this phase of the Covid-19 pandemic.

Last week the government issued some new advice regarding anyone who planned to complete on a property transactions in the coming few weeks. The government is urging parties involved in home moving to adapt and be flexible to alter their usual processes.

Where the property being purchased is vacant then the transaction could go ahead as planned. Otherwise people are advised to delay the transaction if they possibly can and to try and find an alternative date in the future. Continue reading