Stamp Duty Holiday

[Trevor Williams]

Fairly new to the UK, I’ve been listening to Property Hub’s Property Podcasts for the past 18 months or so. I’m a few weeks away from completing on a first property for me and my family to live in (which will enable me to access BTL products going forward). There’s been much talk, and I saw an article yesterday suggesting a stamp duty holiday soon, potentially (https://www.thesun.co.uk/news/12027543/rishi-sunak-stamp-duty-holiday-new-buyers/). Unsure whether the holiday will apply to everyone or not, worth noting is that I owned property previously (not in UK), so would not qualify if the holiday was only for first time buyers. Assuming I delayed completion and qualified for the stamp duty holiday, the amount in question represents a substantial portion towards a deposit for a BTL property. The impact is substantial! In short – do I delay completion and wait for the stamp duty holiday (so enabling me to purchase a BTL property), or watch a substantial chunk of money disappear into the ether?

[taxantics]

I think Rishi answered this one for you

[gary-mortgageexpert]

Hi Trevor

The increase in the 0% stamp duty threshold for property purchases has come into play with immediate effect and will last until March 31st 2021.

• Previously - No stamp duty on transactions up to £125,000 (£300,000 FTB).
• Now - No stamp duty on property purchases up to £500,000 for everyone buying a main home.

For a second home or a Buy to Let, you will still benefit but the 3% surcharge will still apply.

Hope this helps

Gary 

[Trevor Williams]

13 hours ago, TaxAntics said:

I think Rishi answered this one for you

Yes, TaxAntics, and what an answer it was!!! I feel another buy-to-let coming on...