During yesterday’s Budget, Chancellor Rishi Sunak announced an extension for the government’s Stamp Duty holiday:
- The tax relief on the first £500,000 of a property purchase price will end on 30th June 2021, rather than 31st March 2021 as previously planned.
- From 1st July to 30th September 2021, there will be no Stamp Duty chargeable on the first £250,000 of a property purchase price.
- From 1st October 2021 onwards, the nil rate band will return to £125,000, as before the Stamp Duty holiday.
- Higher rates of Stamp Duty still apply for those purchasing additional homes.
The extension will be a welcome relief for those currently in the process of moving.
The property purchase/sale must reach completion before the relevant deadline in order for the tax saving to apply (as Stamp Duty is paid when the transaction completes). At present, property sales and purchases are taking approximately 12 – 16 weeks, but this depends on individual circumstances.Back to Blog