Sell My House Quickly Worthing

Tel: 07812512673
info@sellmyhousequicklyworthing.co.uk

Stamp duty in Worthing

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.

Stamp duty rates in Worthing

 

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.