Stamp Duty Kick Start For Wolverhampton

As you may already know the Chancellor of the Exchequer Rishi Sunak has made some changes to stamp duty land tax. With Stamp duty land tax the nil rate threshold was £125,000 if the property was less than £125,000 in value then you paid no stamp duty. Unless of course it was your second home or an additional property then you paid the additional 3% tax.

As of wednesday the 8th of July it has now been raised to 500,000 whether that is your own personal name or a limited liability partnership or a Ltd company.  So, there is no Stamp duty payable on the first £500,000 of your main residence which could save you up to 15,000 in stamp duty which is a huge amount to save.

Landlord investors and second home buyers are also eligible for the reduction in stamp duty land tax but remember you will still be paying the 3%. This is going to end on the 31st of march 2021 so take advantage while it lasts.

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