Changes to the Stamp Duty Land Tax
As you will all be well aware, the Government created what is now referred to as the Stamp Duty Holiday with the aim of giving a boost to the housing market which was in danger of grinding to a halt as a consequence of the Coronavirus Lockdowns.
Chancellor Rishi Sunak introduced the stamp duty holiday in July 2020, and the scheme is set to draw to a close at the end of September 2021.
Originally, the Stamp Duty holiday was set to run from 8 July 2020 to 31 March 2021, however the Treasury later extended this deadline to 30 June 2021, meaning no tax is levied on the first £500,000 of property purchases and, from the 1st of July 2021 to 30 September 2021, no levy will apply to the first £250,000 of property purchases.
From October, the usual stamp duty rates will apply to residential property purchases, with the tax starting from £125,000.
You can find out more about the current and planned Stamp Duty rates by clicking HERE.
As yet the Treasury have made no plans to extend the deadline further, but we will of course keep you updated on all and any changes.
If you would like more information about what types of tax you might have to pay in regard to buying, or selling, a property, just click HERE to read our handy round up.
For all your property needs, contact you local Hannells branch.