News & Insights: Property

Stamp duty changes in Northern Ireland

8 July 2020

Following, the government announcement today, property purchasers in Northern Ireland will be delighted to hear that for a temporary period no Stamp Duty is payable for purchases up to the level of £500,000. This Stamp Duty threshold increase is applicable for all purchases completing between Wednesday 8th July and the 31st  March 2021.


This changes the level from £125,000 (or £300,000 for first-time buyers) to £500,000.00 for people who are moving home.


As Stamp Duty is tiered, stamp duty saving will also apply for properties over £500,000.00;-


For example

A Property price of £600,000

0% on the first £500,000; 5% on the next £100,000

total stamp duty now payable of £5,000

So a saving of £15,000.00


If you are purchasing a second home or an investment property, then there are also savings on the basic level of Stamp Duty (however the 3% penalty will still apply).


For example

An investment property / second home of £250,000,

3% on the full purchase price of £7,500.00

So a saving of £2,500.00.


For more information contact our Property Team.

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