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Stamp duty holiday - what does this mean?
On 8th July 2020 Chancellor Rishi Sunak, announced in his Summer Statement a “stamp duty holiday” on residential property purchases in England and Northern Ireland.
With immediate effect home buyers will no longer pay Stamp Duty Land Tax (SDLT) on a property up to £500,000. This will benefit first time buyers, existing property owners looking for their next home and companies buying a residential property.
The aim is to provide a boost to the property market which is flagging under lockdown and it should put extra welcome cash in many buyers’ pockets.
When does the stamp duty holiday end?
It is important to note that this is only a temporary measure, and will end on 31st March 2021.
What about stamp duty on second homes?
The higher rate SDLT on second homes (additional properties) has not changed and this will remain levied at 3%.
A stamp duty tax calculator can be found at:
Stamp Duty Land Tax: temporary reduced rates
If you’re ready, then so are we. I am working from home, but available to talk if you need any further advice on moving house.
I can be contacted on 01206 217343 or alison.bear@birkettlong.co.uk.
The contents of this blog are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this blog.
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