Stamp Duty Holiday

29 Jul 2020

Fantastic news for everyone hoping to buy a new home! The government has just announced a Stamp Duty Holiday, which could save buyers in England and Northern Ireland thousands of pounds if they complete on their property before 31 March 2021.

What is Stamp Duty?

Stamp Duty Land Tax is a tax that homebuyers must pay when they purchase a property. This is usually paid upon completion, and can be up to 10% of the overall cost of your home.

Many people don’t know that you may have to pay Stamp Duty on a Shared Ownership home, but the rules are slightly different for this scheme. Find out more >

What is the Stamp Duty Holiday?

The government announced the Stamp Duty Holiday on 8 July, explaining that the lower Stamp Duty threshold has temporarily been increased to £500,000. This applies to all homes sold in England and Northern Ireland. You may still benefit from the Stamp Duty Holiday if the property you’re buying is between £500,000 and £600,000.

When is the Stamp Duty Holiday?

To benefit from the Stamp Duty Holiday, you will need to complete on your property between now and 31 March 2021.

What does it mean for buyers of Shared Ownership properties?

As a Shared Ownership buyer, you would ordinarily choose to pay your Stamp Duty either based upon the full-market value of your home, or just on the share you’re purchasing. Let’s take an example:

Full market valueStamp DutyStamp Duty Holiday
£392,500£9,624.93*£0

Use the Stamp Duty Calculator, and speak to your Solicitor for full details on how the Stamp Duty Holiday will affect you.

Want to take advantage of the Stamp Duty Holiday? Start looking at our Shared Ownership properties, and searching for your dream home >

*Based upon the purchaser electing to pay Stamp Duty on the full market value of this home, with no first-time buyers’ relief or similar. Correct at time of creation – 29 July 2020.

Important Information

Purchasers are warned that all plans and illustrations are for guidance only. Some images may be computer generated. Any dimensions given for any property are for guidance only.

Abri and Radian Homes are trading names of The Swaythling Housing Society Limited. The Swaythling Housing Society Limited is part of the Abri group of companies, it provides management services for subsidiaries in the group and is authorised and regulated by the Financial Conduct Authority. Further corporate information is available at www.abri.co.uk

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