There will be a stamp duty holiday till March 31st next year, Rishi Sunak announced
Home buyers will receive a welcome temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland. The Chancellor’s announcement in today’s mini-budget, said that he would immediately raise the threshold on stamp duty to £500,000 until March 31st 2021.
It is part of the many plans put in place to assist the economy and to boost the property market, helping buyers struggling because of the coronavirus crisis.
What does this mean for house buyers?
The new measures, which temporarily increases the ‘nil rate’ band of stamp duty from £125,000 to £500,000; will reduce the average stamp duty bill for a main home from £4,500 to zero. This means that buys could potentially save up to £15,000.
Chancellor Rishi Sunak said:
"The average stamp duty bill will fall by £4,500. And nearly nine out of 10 people buying a main home this year, will pay no stamp duty at all."
Residential Conveyancing Solicitors
At Rose & Rose we understand that buying or selling a property is a very stressful time for all of us. We can eliminate that stress by offering a highly personalised residential conveyancing service.
Property often needs specialist skill, professional expertise and knowledge which can only be provided by an appropriately qualified solicitor acting on your behalf.
If you would like to speak us regarding the new stamp duty holiday or any other questions concerning residential conveyancing please contact us on 0208 974 7490 or firstname.lastname@example.org.
Please note that this article is meant as general guidance and not intended as legal or professional advice. Updates to the law may have changed since this article was published
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