Rishi Sunak, chancellor of the exchequer, announced that residential property transactions costing up to £500,000 will be exempt from stamp duty land tax (SDLT) until 31 March 2021. The previous figure was £125,000.
The change takes effect immediately and applies to all residential property transactions in England and Northern Ireland. There will be no distinction between first-time buyers and those who have bought previously, according to www.forbes.com
The move is aimed to stimulate the housing market and potentially offers substantial savings for home buyers.
The scale used to calculate stamp duty land tax can appear confusing and our property lawyers can explain in detail the potential savings buyers may benefit from.
Of course, the scheme is set to end on 31 March 2021. Though this may seem a long way ahead, property transactions can be notoriously complex when a chain of sales/purchases is involved. So, if you are planning purchasing your first home or upsizing or downsizing, your purchase must complete before 31 March 2021 in order to qualify for this exemption.
If you have queries about stamp duty land tax or any other aspect of house buying and selling, contact our friendly, helpful and experienced conveyancing team