Stamp Duty Holiday Extension
In the recent budget announcement, Chancellor Rishi Sunak announced that the stamp duty holiday has been extended. The stamp duty holiday has been extended from 31 March 2021 to 30 June 2021, to suspend the first £500,000 of all properties in England.
In July 2020, the stamp duty holiday was put in place to assist residential buyers that may have taken a financial hit from Covid19, and it was also introduced to boost the property market.
What happens when the stamp duty holiday ends on the 30 June 2021?
After the stamp duty holiday ends, the stamp duty band will be set to £250,000 until the end of September 2021 and then from 1 October 2021, the stamp duty will return to £125,000 or £300,000 for first time buyers.
Am I eligible for Stamp Duty Holiday?
In order to be eligible for the stamp duty holiday, you must:
- Complete your purchase between now an 30 June 2021, this means that the money must be transferred and you have the keys to your new home
- Live in England or Northern Ireland
- Wales and Scotland have their own stamp duty holidays. Wales will end their stamp duty holiday on 30 June 2021, with Scotland’s stamp duty holiday ending on 31 March 2021
- Purchase a home under £500,000, otherwise you will pay 5% on the next £425,000