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What is Stamp Duty or Land and Buildings Transaction Tax?

Stamp Duty Land Tax (SDLT) / Land and Buildings Transaction Tax (LBTT) holiday ends on the 31st March 2021.

You could avoid paying SDLT/LBBT if you're able to complete your property purchase by the 31st March 2021.

In July 2020, the government announced a temporary increase to Stamp Duty Land Tax (SDLT) thresholds, which apply to the purchase of residential properties until 31st March 2021. This means in England and Northern Ireland you'll pay no SDLT on the purchase of your main property costing up to £500,000.

In Scotland, Land and Buildings Transaction Tax (LBTT), or in Wales, Land Transaction Tax (LTT), you'll pay nothing on the purchase of your main property costing up to £250,000.

Anyone buying an additional residential property worth £40,000 or more will still have to pay an additional rate of stamp duty, even if the property you already own is abroad. You're responsible for ensuring a SDLT/LBTT/LTT return is sent to HMRC and pay any tax due within 14 days of the transaction date (usually the date of completion).

For more information on these changes, visit the government website (opens in a new window).

To find out more about stamp duty when purchasing your main residence, a second home, or a Buy to let property, take a look at our stamp duty page (opens in a new window).