The government have confirmed that reduced rate of Stamp Duty Land Tax (SDLT) will apply to residential properties in the UK purchased from 8 July 2020 to 31 March 2021.
This means that if you purchase a property under £500,000 you will not have to pay stamp duty on it even when it is a second home. Stamp Duty will only apply on the amount that you pay for the property above £500,000.
New Lease sales and transfers, companies and individuals buying residential properties worth less than £500,000 will also benefit from the reduced stamp duty/SDLT.
As the deadline is quickly approaching, people will need to act swiftly to benefit from the reduced rate.
For further information visit https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates