(Updated 8 July 2020)There is a temporary increase to the 0% nil rate band for Stamp Duty Land Tax (SDLT) on residential property.From the announcement on the 8 July 2020 until the 31 March 2021 any owner-occupied residential property purchased with a value up to £500,000 will not result in a SDLT charge (unless subject to the 3% surcharge for additional properties as detailed below). Properties priced below £125,000 have no stamp to pay anyway, and properties worth more than £500,000 will also benefit as only the value above this will incur SDLT at the normal rates.For investors or companies buying property it appears that this relief will benefit you too. The underlying SDLT nil rate band doesn’t have any restrictions on it from what we can see so far although the Stamp Duty Land Tax 3% Surcharge will remain. Therefore, a property worth £500,000 bought for rental purposes would have no “normal” SDLT to pay but there would be £15,000 of Stamp Duty Surcharge to pay. Effectively this would save you £10,000 compared to the costs that would have been incurred on the 7 July 2020. Contact me today!Josh CurtiesBA (Hons) FCACo Managing Partner01474 853856josh.curties@a4g-llp.co.uk Send me a message Ask me a questionFill in your details below and I’ll come back to as soon as I can! If your enquiry is more urgent, please do give me a call. Your full name*Contact no.*Email address* Business name*Industry / Profession*Your messageOne last thing...*By ticking this box you agree to being contacted via email or phone by one of our Advisers, and for the information you provide us with to be kept securely for future communications in line with the new GDPR Yes, I agree Other posts of interest 12th November 2020Companies House stopping paper reminders Read more 29th July 2021Pay As You Grow: Help paying back your Bounce Back Loan Read more 19th June 2024Event Recap – Scaling your Property Portfolio with Confidence Read more See more articles