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When you buy a property in the UK, you have to pay a certain amount of stamp duty. This is calculated rather like income tax, whereby you pay the rate of tax on the part of the purchase price within each stamp duty tax band.
On 8 July 2020, the government announced a Stamp Duty holiday for the first £500,000 purchase price of a property for sales that are completed before 31 March 2021.
This means the new rates are:
Property or lease premium or transfer value
Up to £500,000
The next £425,000 (the amount from £500,001 to £925,000)
The next £575,000 (the portion from £925,001 to £1.5 million)
The remaining amount (the portion above £1.5 million