The Six-Month Countdown Has Begun!

On 31 March 2021, the government's recently introduced "SDLT holiday" which increased the thresholds on which stamp duty land tax (SDLT) is payable, from £125,000 to £500,000, will come to an end.

For purchasers waking up on 1 April 2021, not only will the standard rates of SDLT apply once again, but a new 2% surcharge (in addition to the current residential rates) will be imposed on non-UK resident buyers of residential property.

Until now, the buyer's place of residence has not been relevant to the level of SDLT payable on a purchase. However, in a move to prevent UK property prices from being driven up by foreign investors, the government is set to introduce the new surcharge which could see purchasers pay up to 17% in SDLT.