The current threshold for residential properties is £500,000 for completed purchases on a main residence until 31st March 2021. The threshold for non-residential land and properties is £150,000.
Property purchases from 1 April 2021
The threshold will revert to £125,000 for residential properties and remain at £150,000 for non-residential land and properties. These thresholds are the same as they were before 8th July 2020.
If you are a first time buyer (or buying property with a first time buyer), there will continue to be a discount on Stamp Duty for property under £500,000 after 1st April. No duty is payable up to the value of £300,000 with a discounted rate of 5% between £300,000 and £500,000.
For a full explanation of Stamp Duty rates, visit the Gov.uk site.
Our calculator below shows how much Stamp Duty is due on a main residence only (excluding buy-to-let and additional properties).
If you are looking for property anywhere around the areas of Beccles, Diss, Halesworth, Harleston or Southwold, please get in touch with us today for a chat about how we can help you find the home that fits you perfectly.
