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Rishi Sunak has announced stamp duty has been scrapped for all homes under £500,000 to help kickstart the housing market. 

The move was announced as part of the chancellor’s emergency mini-budget to head off a feared rise in unemployment caused by the coronavirus. 

If you purchase a residential property between 8 July 2020 to 31 March 2021, you only start to pay stamp duty 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.

Use this table to work out what your payment: 

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% 

This is a link to the stamp duty calculator on the governments website.

Source: HMRC website

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