{"id":20251,"date":"2020-08-12T10:27:16","date_gmt":"2020-08-12T10:27:16","guid":{"rendered":"https:\/\/smh.group\/?p=20251"},"modified":"2023-02-15T13:19:02","modified_gmt":"2023-02-15T13:19:02","slug":"summer-stamp-duty-changes","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/summer-stamp-duty-changes\/","title":{"rendered":"Summer stamp duty changes"},"content":{"rendered":"\n

The Chancellor\u2019s Summer Statement<\/a><\/span> introduced temporary changes in stamp duty land tax on homes, which prompted similar \u2013 but not identical \u2013 changes in Scotland and Wales.<\/strong><\/p>\n\n\n\n

In his Statement on 8 July, the Chancellor raised the starting point for stamp duty land tax<\/a><\/span><\/strong> (SDLT) in England and Northern Ireland from \u00a3125,000 to \u00a3500,000 until 31 March 2021. Shortly afterwards, the Scottish government made a change to the nil rate band of its Land and Buildings Transaction Tax (LBTT), increasing it from \u00a3145,000 to \u00a3250,000. Last of the line was Wales, which adopted a slightly different tack, raising the nil rate band on land transaction tax (LTT) from \u00a3180,000 to \u00a3250,000, but only for main home purchases, but not for second homes or buy-to-let investments.<\/p>\n\n\n\n

Outside of Wales the tax cuts prompted several news stories about a boost to the buy-to-let market. There is no arguing that the costs of buying an investment property have dropped \u2013 by up to \u00a315,000 in England and Northern Ireland. However, the extra 3% SDLT surcharge on the full price will continue in England and Northern Ireland, as will the corresponding 4% LBTT levy in Scotland.<\/p>\n\n\n\n

The other tax changes which have been made to buy-to-let over recent years remain unaltered, meaning that:<\/p>\n\n\n\n