When you buy a residential property in England and Northern Ireland over a certain price you have to pay Stamp Duty Land Tax (SDLT).
The tax is paid to the government within 14 days of completion of the sale via an SDLT return to HMRC. If you have a solicitor, estate agent or conveyancer, they’ll usually file your return and pay the tax on your behalf on the day of completion and add the amount to their fees. They’ll also claim any relief you’re eligible for, such as if you’re a first-time buyer. You can also file the return and pay the tax yourself if you wish to do so.
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