Stamp Duty payments are required on property purchases in England and Northern Ireland. The rate of Stamp Duty Land Tax (SDLT) has temporarily undergone some changes due to the coronavirus pandemic. Read on to find out how Stamp Duty will change from April 2021.
SLDT returns must be sent to HMRC within 14 days of property completion, and tax must be paid in this period or penalties and interest could apply.
How much Stamp Duty Land Tax has to be paid is dependent on whether the land or property being purchased is residential, non-residential or mixed use.
Whether the purchase is by a first-time buyer also impacts on the amount of Stamp Duty that needs to be paid.
The total value you pay Stamp Duty on is usually the price you pay for the property or the land, but other factors may also be taken into account.
READ MORE: Old stamp duty calculator: How much will you pay after March 31, 2021?
However from this date first-time buyers will be able to get a discount on Stamp Duty, as long as the purchase price of the property is £500,000 or less.
Groups within the property industry have called for the Stamp Duty holiday to be extended in light of the pandemic.
However housing minister Christopher Pincher said earlier this month the Government has no plans to extend the Stamp Duty holiday presently.
He said in the House of Commons: “The government does not plan to extend Stamp Duty relief, and will continue to monitor the property market.”