Posted on July 28, 2021 at 11:50 AM
In case you were unaware, on 1 July 2021, the stamp duty holiday ended, meaning those purchasing property will once again have to pay a land tax relating to their transaction. They are not yet returning to pre-pandemic tax rates. However, the tax reliefs will be gradually reduced over the next few months before returning to full rates on 1 October 2021.
If you are a first-time buyer or are planning to buy a property over the next six months, it’s worth just running over what stamp duty is, how it applies to you, and what you can expect to pay if you are due to complete a purchase before October.
What Is Stamp Duty Land Tax?
When you buy a property or land, you usually pay tax on it, known as Stamp Duty Land Ta