A temporary measure was already in force for residential property, meaning that individuals acquiring their only residential property would pay no SDLT on purchases of £500,000 or less. It has been announced that these measures will continue until 30 June 2021.
From 1 July, rather than the nil rate band threshold falling to its previous level of £125,000, it will instead reduce to £250,000, until 30 September 2021.
From 1 October 2021 it will return to its previous level of £125,000 and the same rates as before the temporary measure was brought in.
The recent average house price in Cheltenham was £375,000. Prior to 30 June 2021, someone replacing their main residence with an average property in Cheltenham would pay no SDLT at all. If the purchase takes place after 30 June 2021, but before 1 October 2021, it will be £6,250, and from 1 October 2021 it will be £8,750.