Stamp Duty Land Tax (SDLT) relates to the property tax due on certain property transactions in England and Northern Ireland.
Due to the effects of Covid-19 and in an attempt to support the property market, from 8th July 2020 there was a temporary suspension of SDLT for properties under £500,000.
Yesterday (3rd March 2021) Chancellor Rishi Sunak announced that the SDLT relief is to continue until 30 June 2021 with a staggered reduction in the zero-rate band.
What does this mean for me?
| Completion date | Zero rate band | SDLT payable |
| From now until 30th June 2021 | <£500k:
No SDLT payable on properties up to £500k |
5% payable on £500,001 – £925,000
10% payable on £925,001 – £1.5 million 12% payable on £1,500,001 + |
| 1st July 2021 until 30th September 2021 | <£250k:
No SDLT payable on properties up to £250k |
5% payable on £250,001 – £925,000
10% payable on £925,001 – £1.5 million 12% payable on £1,500,001 + |
| From 1st October 2021 | <125k:
No SDLT payable on properties up to £125k |
2% payable on £125,001 – £250,001
5% payable on £250,001 – £925,000 10% payable on £925,001 – £1.5 million 12% payable on £1,500,001 + |
*Note that the above relates to residential properties only for single property owners.
First Time Buyers relief
For first time buyers, there remains SDLT relief for those purchasing under £300k,with 5% payable on the sum between £300,001 – £500,000. First time buyers purchasing property for more than £500,000 will not be entitled to any relief and will pay SDLT at the normal rates.
There is no date on which this is set to change.
