Stamp duty holiday officially extended to September 202103/03/2021
Chancellor Rishi Sunak has announced that the government is introducing a tapered extension to the Stamp Duty Land Tax (SDLT) holiday deadline from 31st March to the end of September, as part of Budget plans revealed today.
The holiday, which cut the SDLT payment on homes between £125,000 – £500,000 and reduced it on homes above that bracket, was initially introduced in the summer of 2020 in response to the Coronavirus pandemic, as a measure to bolster the residential property market. A report by the Office of National Statistics (ONS) showed that house prices rose by 8.5% towards the end of 2020 as a result of the holiday. The extension will see the holiday end for properties £250,000 and over on 30th June 2021, and for all other properties over £125,000 on 30th September.
The move to extend will benefit hundreds of thousands of home buyers with transactions currently progressing who would have otherwise missed out and seen an increase of fees by up to £15,000.
Emma Liddle, Head of Residential Conveyancing at Mincoffs Solicitors, commented: “The extension to the SDLT holiday is a great move for our clients, some of whom would otherwise have missed out by a matter of days. The Coronavirus pandemic has made lots of people re-evaluate their living situations, and the stamp duty holiday has helped them take that step to move up the property ladder where they may not have been able to without it.”
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