News

Chancellor’s summer statement – Stamp Duty Land Tax

  • July 10, 2020
  • By Ben Gurluk, Partner

Ben Gurluk, Partner

Rishi Sunak’s announcement that Stamp Duty Land Tax (SDLT) is being reduced until 31 March 2021 is a welcome boost for the property market.

The SDLT cut will take effect immediately and no SDLT will be paid on the first £500,000 of the purchase price provided that the buyer owns no other residential property anywhere in the world.  The new rates apply whether you are buying your first home or have owned property before.

There will also be a saving for purchases of additional properties; the 3% surcharge still applies but buyers will pay less SDLT overall.

SDLT is payable upon completion, so buyers part way through a transaction will be able to benefit from the temporary rules.

It will be interesting to see if the changes lead to increased activity.   If you would like advice on any aspect of property law, please contact the partner at Hunters having responsibility for your legal matters, or (for new enquiries) please contact a member of our Property team.

Related News

May 04, 2021
Scott Battram examines the London and South East property market in 2020 and provides predictions for 2021
Apr 14, 2021
Peter Robinson discusses the practical issues arising from registration of land as a Town and Village Green (“TVG”)
Mar 24, 2021
Peter Robinson has been featured in the 2021 Spear’s Property Advisers Index
Feb 08, 2021
Peter Robinson discusses Indexation Based Rent Reviews
Jan 19, 2021
Peter Robinson comments on what new and existing landlords need to know in RBS HomeWise
Jan 04, 2021
Peter Robinson discusses The Supreme Court’s decision in Alexander Devine Children’s Cancer Trust v Housing Solutions Ltd
Dec 11, 2020
Hunters retains Law Society’s Conveyancing Quality Scheme accreditation
Nov 12, 2020
Peter Robinson examines the government’s ban on evictions of commercial tenants during the pandemic and what commercial landlords should consider in The Law Society
Nov 12, 2020
Ben Gurluk comments on the Stamp Duty holiday in the Daily Express
Oct 30, 2020
Peter Robinson examines a recent Supreme Court case that is relevant for property investors in the challenging environment of the retail property market in Lawyer Monthly

© Hunters Law LLP 2021 | Privacy NoticeLegal & Regulatory | Cookies Policy | Complaints Procedure.

Hunters Law LLP is authorised and regulated by the Solicitors Regulation Authority (number 657218)