If you’ve purchased a house in England or Northern Ireland, and it will be completed before 30th June 2021, you may have paid, or be paying a reduced rate of Stamp Duty Land Tax.
But, if the value of the house is below £500,000, then you won’t pay Stamp Duty at all.
Some people may have to pay £15,000 and above on Stamp Duty, depending on the value of the property.
But if all or some of that is no longer required, it means there’s a little bit more money for you to spend on other areas of the home.
Before we look at some of the ways you can enhance your house with any extra money you may have, here’s a quick Stamp Duty recap for you.
Stamp Duty: a recap
Pre-coronavirus, Stamp Duty is a tax you would pay over a certain price, if you were going to buy a residential property in Northern Ireland or England.
The good news is, that if you’ve purchased a property or are buying one that will be completed before 30th June 2021, you will not be required to pay Stamp Duty on properties costing up to £500,000.
For properties costing more than that, you will have to pay the Stamp Duty going rate.
Going forward, the plan, in part, continues. From the 1st July through to the 30th September 2021, you will not have to pay Stamp Duty on residential properties costing up to £250,000. If you’re a first-time buyer, you are in luck, because you will not have to pay any Stamp Duty on properties costing up to £300,000.
As we approach the latter part of the year things will change once again. From the 1st October onwards, you will pay Stamp Duty on properties costing more than £125,000 for residential properties, unless of course you’re a first-time buyer.
It all sounds a little complex, but standard rates or more “usual ones” will return eventually, so now is a great time to get looking or think about spending money on other parts of your new or existing property!
Stage your house for a quick sale with new lighting
If the changes in Stamp Duty mean that you have a little more money in your pocket this year, why not head over to our site and have a browse of our lighting collection.
You don’t have to focus on just the summer collection, because our autumn and winter range is also on show, which means you can plan ahead for those dark nights too.
You may even be looking at ‘staging’ your house in preparation for a move, and what better way to enhance your indoor or outdoor area, than with our collection of LED lights.
Adding low-energy LED lights to your space can really make or break how your property looks.
LED light bulbs are known for their incredible energy efficiency making them extremely popular with our customers. Consuming up to 90% less energy while offering a supremely bright light, LED technology provides immediate energy savings while the lights can last up to 50,000 hours.
Whatever your lighting query, we’d be delighted to help. We are contactable via our website which also has instructions on how to call us as well.
So whether it’s fairy lights to accompany your outside decking this summer, or a speciality bulb to make your house more snuggly this autumn, we’re sure to have the perfect option waiting for you.
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