After the first Coronavirus lockdown came to an end in July 2020, Chancellor Rishi Sunak introduced a holiday regarding Stamp Duty, in the hope to help the housing market recover after the pandemic. This was originally planned to last until 31st March but, to the relief of many, this has now been extended to 30th June 2021.
The holiday offers a Stamp Duty break on the first £500,000 of the purchase price of a property in England and Northern Ireland up until 30th June 2021.
Then from June 30th till September 30th, 2021 there will be no Stamp Duty payable on a property purchased for up to £250,000.
What is Stamp Duty?
In layman’s terms Stamp Duty is the money the purchaser pays to the taxman when purchasing property or land over a specific value. This certain value was £125,000 and for first time buyers that figure would be £300,000. Purchase prices that exceeded this amount would have to pay anywhere between 2% and 12%.
When will the Stamp Duty Land Tax Return to Normal?
Stamp Duty fee’s will return to their normal rate on 1st October 2021.