In the recent Budget, it was announced that the Stamp Duty Land Tax (SDLT) holiday for residential property will come to an end on 30th September 2021. However, the Government will start to taper the rates from the end of June 2021. The current temporary nil rate band of £500,000 will be in place until 30th June 2021. From 1st July to 30th September 2021 the temporary nil-rate band will be reduced to £250,000. From 1st October the nil rate band will return to the standard amount of £125,000.
With the average home move taking between 8-16 weeks, it is still possible for those who have just started to think about moving to take advantage of these reduced rates. However, it will still be difficult and you will be reliant on your current home selling quickly and other factors falling into place. The current maximum saving is £15,000 but when the nil-rate band reduces to £250,000 the maximum saving will fall to just £2,500. It will then be more important than ever to make sure that full advantage is taken, where possible, of SDLT saving opportunities such as multiple dwelling relief.
How can we help?
At Hawsons we have a dedicated team of personal tax accountants at our offices in Sheffield, Doncaster, and Northampton. Our team of personal tax accountants works together to provide proactive, well-rounded, technically robust tax advice to private clients including individuals to help ensure that their tax affairs are in order and are correctly dealt with. We have plenty of experience of dealing with SDLT claims.
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Tax Partner, Sheffield
0114 266 7141
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