Fortunately, it’s not all bad news. During the Government’s mini budget on 23rd September, it was announced that Stamp Duty would not kick in for first time buyers on properties worth less than £425,000. For existing homeowners looking to purchase a new property, the Stamp Duty threshold was doubled from £125,000, freeing purchasers from the tax on properties worth up to £250,000.
Whilst Stamp Duty can be traced as far back as 1694, the current form was introduced in 2003 as a type of “self-assessment” tax that purchasers of property or land must pay to HMRC within 14 days of completion. Whilst the amount to be paid varies depending on the cost of the property, it can add thousands to your overall bill.
Since 2003 it has undergone multiple changes, however this most recent shift in thresholds means that property buyers will pay significantly less Stamp Duty now than ever before.
If you’re looking to purchase a property and aren’t sure how Stamp Duty may affect you, remember our award-winning team at Tick Property are always on hand to provide the advice you need. We can match you with your perfect home and guide you through each step of the process, so contact us today to begin your home-buying adventure.
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