Stamp Duty & Selling Your House

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Stamp duty is a tax that is never far away from the headlines and throughout 2020 there has once again been plenty of discussion around it.

It’s always an important factor in any property sale and if you’re the seller, you may have a few questions about it.

Below you’ll find all you need to know about stamp duty and selling your home, alongside all the latest information on the new stamp duty tax until March 2021.

Do Sellers Pay Stamp Duty?

Sellers often wonder whether they have to pay stamp duty, as frequently it’s the sellers that make a profit on a home. However, sellers do not pay stamp duty on property sales, but rather the buyers pay the stamp duty tax to the government. 

What’s more, if the property has been only used as a main residence, and not been let out, you will also not have to pay any capital gains tax.

Paying Stamp Duty in the UK

However, if you are selling and then looking to buy, or are in the process of purchasing a new home, you will then have to pay stamp duty on the property you buy. 

How much stamp duty you will pay is dependent on the value of the property and where in the country it is located. England and Northern Ireland have a different set of rates than Wales and Scotland, so it is important to know the differences, while homes as a main residence also carry different stamp duty taxes to additional properties.

Stamp Duty in England and Northern Ireland until 31 March 2021:

Cost of Home:

Up to £500,000- 0%

£500,001 – £925,000- 3%

£925,001 – £1,500,000- 10%

£1,500,001- 12%

Stamp Duty in Scotland until 31 March 2021:

Cost of Home:

Up to £250,000- 0%

£250,001 – £325,000- 4%

£325,001 – £750,000- 10%

£750,000+- 12%

Stamp Duty in Wales until 31 March 2021:

Cost of Home:

Up to £250,000- 0%

£250,001 – £400,000- 3%

£400,001 – £750,000- 5%

£750,000 – £1,500,000- 10%

£1,500,001+ 12%

Sell Your Home Today!

If you’re looking to sell your home, consider selling to us here at Fast Cash Property. Not only will you not have to pay stamp duty, but you’ll also not have to pay any fees on the sale.

That’s right, we take care of everything, no hidden fees, just a cash offer which you get 100% of.

Get in touch with our expert team today and we can provide you with an offer in as little as 24 hours, as well as answer any questions you may have about selling your home.