4 March 2021
The stamp duty holiday was introduced in July 2020 and was set to end on 31 March 2021. In Chancellor Rishi Sunak's budget announcement yesterday, he revealed plans to extend the stamp duty holiday until the end of June.
What is the stamp duty holiday?
The stamp duty holiday is a tax break for anyone buying a property worth up to £500,000. Before the property purchase tax was suspended last year, only homes below £125,000 and first-time buyers spending up to £300,000 were exempt from paying stamp duty.
The tax break was introduced as a way to help those who might have taken a financial hit because of the pandemic, while also giving the property market a boost during lockdown.
More great news for buyers
It was also announced that once the stamp duty holiday ends on 30 June, the nil rate band will be set at £250,000 rather than reverting back to £125,000. This will remain in place until 1 October 2021, as a way to smooth the transition back to normal.
This will help to provide relief for anyone planning to buy a house in the coming months, while also meaning that anyone whose completion date has been pushed back because of COVID-19 won't lose out unfairly.
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