The government introduced an immediate temporary Stamp Duty Land Tax (SDLT) holiday in England and Northern Ireland until 31 March 2021 by raising the threshold above which the main rate of SDLT is payable from £125,000 to £500,000. For second homes, the 3% additional rate will continue to apply.
The Scottish Government has since announced that they have increased the threshold for their equivalent tax, Land and Buildings Transaction Tax (LBTT), from £145,000 to £250,000, until 31 March 2021. And the Welsh Government has also now revealed its plans in relation to its Land Transaction Tax (LTT). The nil rate band threshold for LTT will increase from £180,000 to £250,000, until 31 March 2021. This doesn’t apply to those buying second homes or to Buy to Let investors.