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July 2020 Temporary Stamp Duty changes

On the 8th July 2020 the Chancellor of the Exchequer, Richi Sunak, announced changes to Stamp Duty Land Tax (SDLT) that have come in to immediate effect and will remain in place until 30th June 2021 as follows:

Second Property Buyers Stamp Duty Land Tax Property Value Bands and Rates

Property or lease premium or transfer value SDLT rate
Up to £500,000 3%
The next £425,000 (the portion from £500,001 to £925,000) 8%
The next £575,000 (the portion from £925,001 to £1.5 million) 13%
The remaining amount (the portion above £1.5 million) 15%
Example Property or lease premium or transfer valuesTemporary SDLT Amount
£100,000 £3,000
£200,000 £6,000
£300,000 £9,000
£400,000 £12,000
£500,000 £15,000
£600,000 £23,000
£700,000 £31,000
£800,000 £39,000
£900,000 £47,000
£1,000,000 £58,750
£1,100,000 £71,750
£1,200,000 £84,750
£1,300,000 £97,750
£1,400,000 £110,750
£1,500,000 £123,750
£1,600,000 £138,750
£1,700,000 £153,750
£1,800,000 £168,750
£1,900,000 £183,750
£2,000,000 £198,750