The most recent Statement delivered by the UK Government outlined changes to Stamp Duty Rates which could have a positive impact on buyers of a Snugg Home.
From the 8th July 2020the new Stamp Duty rates are as below:
- Up to £500,000 Zero
- The next £425,000 (the portion from £500,001 to £925,000) 5%
- The next £575,000 (the portion from £925,001 to £1.5 million) 10%
- The remaining amount (the portion above £1.5 million) 12%
This means that if you’re buying a home up to the value of £500,000, 0% stamp duty will be paid.
Shared ownership property
When a shared owner buys into a shared ownership property, they can choose to either:-
– Make a one-off payment based on the market value of the property (‘market value election’)
– Pay SDLT in stages. They would pay SDLT on the premium paid and then would pay additional SDLT payments upon stair-casing/final stair-casing.
For more information about the Stamp Duty changes please visit: www.hmrc.gov.uk