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Stamp duty holiday to begin tapering off

The temporary stamp duty land tax (SDLT) holiday will start tapering off on 1 July 2021 as the UK continues its gradual easing of COVID-19 restrictions.

Introduced by Chancellor Rishi Sunak on 8 July 2020, the SDLT holiday saw the tax-free threshold in England and Northern Ireland increase from £125,000 to £500,000.

From 1 July 2021, this threshold will reduce to £250,000, meaning no SDLT will be owed on the first £250,000 of residential property transactions completed on or before 30 September 2021.

From 1 October 2021, the SDLT threshold and rates will revert to their pre-pandemic levels.

Here is a detailed breakdown of the thresholds and rates in England and Northern Ireland:

Residential property price 8 July 2020 to 30 June 2021 1 July 2021 to 30 September 2021 On or after 1 October 2021
£0-£125,000 0% 0% 0%
£125,001-£250,000 0% 0% 2%
£250,001-£500,000 0% 5% 5%
£500,001-£925,000 5% 5% 5%
£925,001-£1.5m 10% 10% 10%
More than £1.5m 12% 12% 12%

Get in touch to talk about stamp duty land tax.