Why Now Is The Best Time For Hong Kong
Investors To Invest In The UK Property
Chancellor Rishi Sunak has
announced plans for a stamp
duty holiday for anyone buying
a new home up to the value of
£500,000.
According to API Global, there are
a number of important takeaways
for new property investors when
trying to understand the impact of
the temporary stamp duty holiday
now in operation.
Someone buying a
£500,000 property would
save the maximum £15,000
in stamp duty fees.
Stamp Duty is paid as a lump sum
and until the announcement was
made it applied to anyone buying a
second home over the value of
£125,000 or anyone buying their first
home valued over £300,000 in
England and Northern Ireland.
The actual amount of Stamp Duty
paid depends on the type of
property, if it is leasehold or
freehold, and if the property is
being purchased as part of a trust
or company.
Stamp Duty is usually
calculated by solicitors or
housing agents on behalf of the
home buyer and the figure is
added to their fees.
So for a stamp duty bill for a
£1m home, the owner will now
have their stamp duty reduced
from £43,750 down to £28,750,
saving them around a third in
fees.
With the average UK property
costing around £237,616, a
buyer would have to pay
around £2,250 stamp duty on
top of their purchase.
The Stamp Duty holiday means that new
house buyers could save up to the
maximum of £15,000 over the coming
nine months until the temporary holiday
period expires on 31st March 2021.The
policy was brought in to help boost the
housing market and the economy.
Lifting the stamp duty will encourage more
home buying transactions, meaning house
buyers can better afford to move to areas
with better employment markets, and the
extra spending on associated moving costs
such as removals, new furniture and
decorating for new homes etc.
Contact Us At:
https://www.apiglobal
.co.uk/