Today, the government has announced a temporary stamp duty holiday raising the threshold at which buyers start to pay the tax to £500,000 on all property sales in England and Northern Ireland.
In an aim to boost the property market, the level at which the tax is charged has been temporarily raised until 31st March to £500,000 to help buyers in England and Northern Ireland. For those in Scotland who have the Land and Buildings Transaction Tax, and in Wales where buyers pay Land Transaction Tax, there is no change.
This means any people in England and Wales making property purchases below the new level will not need to pay stamp duty as long as the deal is completed before 31 March 2021. And, if you are looking to buy a second homes or are a landlord looking for that next buy-to-let, you will also benefit from the stamp duty holiday, but will still have to pay the 3% extra duty due on the entire price.
If you think that the announcement could benefit you, please do not hesitate to drop us an email or give the office a ring.