Home Uncategorized Stamp duty holiday extension calculator: How much will you pay?

Stamp duty holiday extension calculator: How much will you pay?

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Stamp duty holiday extension calculator: How much tax would you pay and what could you save?

The stamp duty holiday deadline will be extended from 31 March to 30 June 2021, the Chancellor said today in his Budget.

Rishi Sunak said that no stamp duty will continue to be paid below the first £500,000 of a property purchase until the end of June – saving buyers a maximum of £15,000 compared to normal tax rates.

And in addition to this widely-trailed move, there will also be no stamp duty charged on the first £250,000 of a property purchase until the end of September – saving buyers a maximum of £5,000 compared to normal tax rates.

After that the standard nil rate band for stamp duty will revert to its pre-holiday £125,000 level.   

Our calculator shows how much tax you would pay to move home until the 30 June 2021. 

HOW MUCH WILL THE STAMP DUTY HOLIDAY TO JUNE 30 SAVE BUYERS 
Purchase price Standard rates Holiday rates 
£100,000 £0 £0
£200,000 £1,500 £0
£300,000 £5,000 £0
£400,000 £10,000 £0
£500,000 £15,000 £0
£600,000 £20,000 £5,000
£700,000 £25,000 £10,000
£800,000 £30,000 £15,000
£900,000 £35,000 £20,000
£1,000,000 £43,750 £28,750
£1,100,000 £53,750 £38,750
£1,200,000 £63,750 £48,750
£1,300,000 £73,750 £58,750
£1,400,000 £83,750 £68,750
£1,500,000 £93,750 £78,750
Stamp duty rates with 0 per cent charged up to £500,000 apply to house purchases until 30 June 2021. After this the zero rate will run to £250,000 until 30 September 2021.

Stamp duty land tax applies in England and Northern Ireland and the cut will affect both nations. Wales and Scotland have different charges.

The greatest benefit of the stamp duty holiday extension is to those who would have faced the biggest tax bills on homes costing £500,000 or more – they will save the full £15,000.

If they complete on a purchase after 30 June but before the end of September, they will save £5,000.  

How do the new and old rates of stamp duty compare and how much could you save if buying a home? We crunch the numbers below.

Stamp duty on your own home 

STAMP DUTY HOLIDAY EXTENSION RATES 
Property purchase price Stamp duty rate
£0 to £500,000 0%
£501,000 to £925,000 5%
£925,001 to £1.5million 10%
£1.5million+ 12%
For purchases until 30 June 2021 

Stamp duty on buy-to-let and second homes

BUY-TO-LET AND SECOND HOME STAMP DUTY HOLIDAY RATES 
Property purchase price Stamp duty rate
£0 to £500,000 3%
£501,000 to £925,000 8%
£925,001 to £1.5million 13%
£1.5million+ 15%
For purchases until 30 June 2021 

Stamp duty rates as the holiday tapers 

STAMP DUTY HOLIDAY TAPER RATES 
Band Own home stamp duty rates Buy-to-let 
and second homes
£0 – £125k 0% 3%
£125,001 – £250k 0% 3%
£250,001 – £925k 5% 8%
£925,001 – £1.5m 10% 13%
£1.5m + 12% 15%
* No stamp duty is paid on property transactions costing less than £40,000 as these are considered low value and not reported to HMRC 

Stamp duty rates when the holiday ends 

STANDARD STAMP DUTY RATES 
Band Own home stamp duty rates Buy-to-let 
and second homes
£0 – £125k 0% 3%
£125,001 – £250k 2% 5%
£250,001 – £925k 5% 8%
£925,001 – £1.5m 10% 13%
£1.5m + 12% 15%
* No stamp duty is paid on property transactions costing less than £40,000 as these are considered low value and not reported to HMRC 

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