Stamp Duty Relief

When purchasing a property you must pay Stamp Duty Land Tax (SDLT) if that property (or land) is over a certain price. The higher the price, then the SDLT increases incrementally. However, the government in a bid to kick start the housing market has changed the levels that stamp duty must be paid. Essentially, taking many people out of actually paying stamp duty at all until the purchase is over £500,000 in England & Northern Ireland. Scotland & Wales have changed their rules too.

In Scotland, it has now been changed to up to £250,000 (known as Land and Buildings Transaction Tax). Wales have taken a slightly different approach and have increased the nil-rate band from £180,000 to £250,000 (known as Land Transaction Tax), but only for main residence purchases & not second homes – not very good news for buy to let investors in Wales!

Any way you look at it, it is indeed good news for homeowners seeking to move or people who may have been struggling to get on the housing market. The government hopes this will enable more people to buy. This welcomed relief of any extra cost burden when purchasing a home will last until 31st March 2021.

Want to know how much Stamp Duty you will pay if you live in England or Northern Ireland when you purchase your home? Click here.

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What will I pay?

Property                                            SDLT

Up to £500,000                                zero

The next £425K                                5%

The next £575K                                10%

The remaining amount                   12%

The above rates will apply for property purchased between 8th July 2020 – 31st July 2021.*

For investors, there may well be a boost to the landlords market as cost to buy such a property have reduced significantly in England & NI. However, there is caveat in as the extra 3% SDLT surcharge on the full price paid will continue. The Land and Buildings Transaction Tax in Scotland will remain at 4%.

Rates for additional properties

Property                                            SDLT

Up to £500,000                                3%

The next £425K                                8%

The next £575K                                13%

The remaining amount                   15%

The next 6 or 7 months will tell us the story as to whether or not these tax breaks have worked. There will be no doubt some initial property sales for first time buyers but the buy-to-let –market may not be so buoyant. Landlords have been hit hard over the past few years, and many now feel it is not the attractive proposition it once was. For example, any tax from capital gains on landlord properties must now be paid within 30 days of the sale completing. With Capital Gains Tax up to 28%, the investment might not appear as rosy as it once was, certainly outside of London where the growth is not on the same level. Will this tax increase? The UK will be facing challenging times ahead due to Brexit & the Pandemic, and landlords have been in the hot seat for a few years now.

If you do decide to take the plunge for a rental property, getting the right buy to let insurance policy in place is essential to protect that investment. We are a UK Wide broker and can get cover for even the most hard to place risk. Speak to one of our advisors who will get you a superb deal. Call us on 0800 085 3761 or simply fill in an online form for a Quotation.

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We can tailor your policy to suit your exact needs to give you complete peace of mind

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Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Why choose the Property Insurance Centre

Independent broker with staff you can speak to by phone or online

Access to a wide range of insurers to source suitable insurance cover for your needs

Bespoke Insurance Schemes & Portfolio Policies available

We can tailor your policy to suit your exact needs to give you complete peace of mind

Competitive Premiums

Cover available for the buildings while the property is being converted, renovated or extended

Over 40 years experience working with the best insurers in the UK

Excellent communication so that you understand what risks you are insured against

Specialists in Commercial & Residential Insurance

We have over 40 years experience as Residential and Commercial Insurance Brokers. We find the right policy to suit your needs and understand the risks that a property owner can face in the course of ownership. We work closely with our Insurers to get the best rates and our experience and excellent relationships with them mean that we can provide cover for even the most difficult to place risks.

Whether you have an adverse claims history, a high value property or a large portfolio of properties, we can source suitable cover for you. Whatever your requirements, we can tailor a specialist property insurance policy to suit your exact needs and provide you with a range of quotes to choose from. Established in 1976, we are not a call centre but a specialist insurance broker with a traditional office mentality, where the client comes first.

Looking for a quote now? Give us a call on 0800 085 3761 or complete one of our quote request forms.

We are also authorised and regulated by the Financial Conduct Authority and you can view our registration here.

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