Call us: 01603 666132 -Office: 15 Palace Street, Norwich, Norfolk, NR3 1RT Download Our App

Stamp Duty Land Tax Threshold Increase - July 30th 2020

Second home buyers and buy-to-let landlords welcome SDLT cut

Although the temporary increase in the Stamp Duty Land Tax (SDLT) threshold to £500,000 was aimed at those buying their main residence, it also benefits those buying a second or subsequent property where there is a 3% supplementary charge. Thus, the rate of SDLT on a second home costing up to £500,000 is now 3%. Previously, the rate was 3% up to £125,000, then 5% up to £250,000 and then 8% up to £825,000. So the SDLT on a second home costing £400,000 is now £12,000 compared to £22,000 if the purchase had completed before 8 July 2020.