Stamp Duty Land Tax
When you buy a property in the UK, you have to pay a certain amount of stamp duty. This is calculated rather like income tax, whereby you pay the rate of tax on the part of the purchase price within each stamp duty tax band.
In response to the Coronovirus pandemic, the government introduced a Stamp Duty holiday for the first £500,000 purchase price of a property for sales that completed before 30th June 2021. From 1st July the threshold will be reduced to £250,000 until 30th September 2021 and then from 1st October 2021, the threshold will revert back to £125,000.
The reduced stamp duty rate will end on 30th September 2021