Stamp duty holiday extension 2021
- AuthorHolly Smith
In July 2020, my colleague Alison notified us of the stamp duty holiday announced by Rishi Sunak on 8 July 2020. For many, this was a welcomed reprieve amongst the doom and gloom of the Covid-19 restrictions.
Here in the residential property department at Birkett Long, we certainly saw an influx of clients seeking to take advantage of the holiday before it expired on 31 March 2021. As a result, and as Christmas and the deadline loomed, the pressure to complete in time was felt by solicitors, conveyancers, and purchasers alike!
That was, of course, until the announcement in the Budget on 3 March 2021 whereby Rishi Sunak announced that he would be extending the stamp duty holiday until 30 September 2021.
Changes to the stamp duty holiday from 1 July 2021
Until 30 June 2021, no Stamp Duty Land Tax will be payable on a property up to £500,000. From 1 July 2021 until 30 September 2021, the stamp duty holiday will remain, but only for properties up to the value of £250,000.
This extension will certainly relieve some of the pressure and will allow those who may otherwise have missed out on this scheme, to benefit.
As indicated by Alison last year, this holiday is subject to certain conditions and does not apply on the purchase of additional second properties.
I am based in our Colchester office and can be contacted on 01206 217377 or email@example.com.