Stamp Duty Holiday Extended Until 30 June

The UK Chancellor has confirmed in his Budget today that the £500,000 threshold for stamp duty will remain in place until 30 June.

Under the temporary rules, homebuyers in England and Northern Ireland can continue to benefit from a higher threshold for stamp duty on house purchases. The tax break can see some homebuyers save up to £15,000 on a property purchase.

Stamp duty is a tax you pay when you buy a property, charged as a percentage of the purchase price.

The lower nil-rate band on stamp duty was initially implemented in July 2020 to boost house buying activity following the first coronavirus lockdown.

Under the revised threshold, demand has been so high that significant delays have resulted in the house buying process. The extension has been implemented to avoid hundreds of thousands of moves falling through due to the original deadline of 31 March 2021.

The lower nil rate band is now scheduled to apply until 30 June 2021. Between 1 July and 30 September, it will be reduced to £250,000, and then from 1 October, the previous threshold of £125,000 for home movers will be reinstated.

 

Stamp Duty Holiday Extended Until 30 June 2
Lawble
Lawble is a leading legal resource aimed at supporting people and businesses alike by providing reliable information, legal resources and links to leading and reputable legal service providers.

More from author

Related posts

Legal Buyers Guide

Choosing a Legal Adviser

Legal advisers are there to help you understand your rights, and to use the law to solve your problem. They should do this in...

Paying for Legal Advice

One of key factors when buying legal advice will be the cost. Legal services can be complex and the final cost can depend on things...

Legal Advice for Individuals

Whatever your situation, it helps to understand the legal issue you're facing and what kind of advice you might need. Spending time understanding what you...

Want to stay up to date with the latest business legal news?

We would love to hear from you! Please fill in your details and we will stay in touch. It's that simple!