End of SDLT Holiday 14th September 2021 Back in July 2020, The Government launched the so-called Stamp Duty Holiday for residential properties, as part of a strategy to give the UK property market a much-needed boost during the Covid 19 pandemic. Stamp Duty Land Tax (SDLT) is payable on purchases of UK property. The amount of consideration which is exempt from SDLT when acquiring a single residential property (the nil rate band) increased from £125,000 to £500,000. The nil rate band remained at this level for just under a year before The Government began phasing out the scheme. On 1 July 2021 the nil rate band initially reduced from £500,000 to £250,000 and is set to return to the pre pandemic level of £125,000 from 1 October 2021, with return of the 2% rate on consideration between £125,000 and £250,000. The changes to Stamp Duty Land Tax from 1 October 2021 can be summarized as follows: SDLT 01/07/2021 – 30/09/2021 Purchase price of residential property SDLT Main rates SDLT Higher rates for additional properties Up to £250,000 0% 3% The next £675,000 (up to £925,000) 5% 8% The next £575,000 (up to £1.5 million) 10% 13% Remainder over £1.5 million 12% 15% SDLT from 01/10/2021 Purchase price of residential property SDLT Main rates SDLT Higher rates for additional properties Up to £125,000 0% 3% The next £125,000 (up to £250,000) 2% 5% The next £675,000 (up to £925,000) 5% 8% The next £575,000 (up to £1.5 million) 10% 13% Remainder over £1.5 million 12% 15% For first time buyer purchases under £500,000 special rates will continue to apply, with no SDLT due on the first £300,000 and SDLT being charged at 5% on additional consideration up to £500,000. Normal rates apply for first time buyer purchases over £500,000.