Did you know the Stamp Duty Land Tax relief will end in 2025?
If you are looking to purchase a property, now might be the right time! In just 18 months, on 31st March 2025, the temporary Stamp Duty Holiday is due to come to an end.
At present, Buyers only pay Stamp Duty Land Tax on a property costing more than £250,000. When the relief ends, it means that the threshold will drop back down to £125,000. This also means that the First-Time Buyers relief, currently £425,000, will drop back down to £300,000.
If you are a current homeowner and you purchase a property to replace your current home, you will need to pay additional Stamp Duty. However, if you do sell your previous home within 3 years of purchasing your new home, you may be eligible for a refund of the additional Stamp Duty paid.
If you are an investor purchasing additional properties, then you will note that additional Stamp Duty will be payable on your purchases.
For further information, you should visit the Government website.
If you have any questions or need some advice in relation to a property purchase, please contact Gabrielle Eglintine.
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