If you want to find out about the latest stamp duty costs in Worthing read on in https://sellmyhousequicklyworthing.co.uk/.
Find out how these costs have been changed by Rishi Sunak.
Even slight changes to stamp duty rates can have a big impact on house price affordability. These changes may make it easier for you to sell your property and/or buy another.
You can find a breakdown of the revised rates courtesy of HMRC here. There are two rates depending on whether it is a residential or investment purchase:
Residential Rates of stamp duty on purchases from 8 July 2020 to 31 March 2021
If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay SDLT on the amount that you pay for the property above £500,000. These rates apply whether you are buying your first home or have owned property before.
You can use the table to work out the SDLT due:
| Property or lease premium or transfer value | SDLT rate |
|---|---|
| Up to £500,000 | Zero |
| The next £425,000 (the portion from £500,001 to £925,000) | 5% |
| The next £575,000 (the portion from £925,001 to £1.5 million) | 10% |
| The remaining amount (the portion above £1.5 million) | 12% |
Higher rates for additional properties
The 3% higher rate for purchases of additional dwellings applies on top of revised standard rates above for the period 8 July 2020 to 31 March 2021.
The following rates apply:
| Property or lease premium or transfer value | SDLT rate |
|---|---|
| Up to £500,000 | 3% |
| The next £425,000 (the portion from £500,001 to £925,000) | 8% |
| The next £575,000 (the portion from £925,001 to £1.5 million) | 13% |
| The remaining amount (the portion above £1.5 million) | 15% |
For more information from HMRC read here https://www.gov.uk/
If you want to find out more about how the stamp duty in Worthing changes affect you get in touch with us. sellmyhousequicklyworthing.