We are delighted that Rishi Sunak has announced a three month extension of the Stamp Duty holiday. Purchases up to the value of £500,000 will continue to be stamp duty free until 30th June 2021, and homes up to the value of £250,000 will be free from tax until 30th September 2021.
This announcement comes as part of the annual budget meeting. Other items included government backing for 95% mortgages, an extension to the furlough scheme and a £700 million cash injection for sports, arts and culture.
The stamp duty extension benefits everyone currently buying or selling as it removes the pressure to find, sell or complete before the initial deadline. This is a welcome relief for solicitors and everyone else involved in ensuring a property completes, who have been making a phenomenal effort to get every transaction through before the deadline. It also removes the uncertainty for home buyers who were experiencing delays in their transaction and could have been faced with stamp duty charges that they had not anticipated when they began the house buying process.
Stamp Duty Land Transaction Tax is normally paid on all property sales over £125,000, or £300,000 for first time buyers. However, the Stamp Duty Holiday means that all homebuyers pay 0% stamp duty on properties up to £500,000 in value, which could save you up to £15,000. This threshold will remain the same until 30th June 2021.
We are so pleased that the government are tapering out the scheme until 30th September to avoid the ‘cliff edge’ that was becoming a concern within the property industry. The new £250,000 threshold from 30th June gives prospective buyers time to find a home and benefit from a smaller, but still substantial, stamp duty saving.
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