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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