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On 8 June 2020, the Chancellor, Rishi Sunak, announced his mini budget that included a temporary raise in the Stamp Duty Land Tax (SDLT) threshold.
Previously, the threshold for paying SDLT was £125,000, although first time buyers benefited from a higher threshold of £300,000.
Under the new measures, the threshold is raised to £500,000. This means that anyone buying a property will not pay any SDLT on the first £500,000 of the purchase price/transfer value.
This temporary change came into effect immediately and will remain in effect until 31 March 2021.
During this period, SDLT liability will be calculated as follows:
| Property price/transfer value | SDLT rate |
| Up to £500,000 | Zero |
| £500,0001 to £925,000 | 5% |
| £925,001 to £1,500,000 | 10% |
| Above £1,500,00 | 12% |
The above rates apply to first time buyers and those replacing their main residence.
Whilst anyone purchasing an additional property will still benefit from the increased SDLT threshold, the 3% high rate will still apply on the revised standard rates.
This means the rates for anyone purchasing additional properties are:
| Property price/transfer value | SDLT rate |
| Up to £500,000 | 3% |
| £500,0001 to £925,000 | 8% |
| £925,001 to £1,500,000 | 13% |
| Above £1,500,00 | 15% |
