Boost for Property Buyers as Chancellor Unveils Stamp Duty Land Tax Holiday

Published on Apr 20, 2020 by Lesley Price on Conveyancing

Following the Chancellors announcement today we are pleased to announce the following charges to the rules regarding payment of SDLT. These changes will take place with immediate effect and will provide a powerful boost to our housing market in the UK.

With immediate effect there will be no SDLT payable on transactions which are for your main home up to £500,000.This Stamp Duty Holiday will last until 31st March 2021.

For purchases liable to the Higher Rates for Additional Dwellings, the 3% band is increased from £125,000 to £500,000

The First Time Buyer discount scheme remains unchanged although anyone who is in the bracket where there property was too expensive for the cap on First Time Buyer relief can now instead utilise the holiday up to the £500,000 limit.

If your transaction has exchanged and not yet completed then you will be able to take advantage of the SDLT holiday.

We will be engaging in a process of reviewing all current transactions to see who can benefit from these savings. The Inland Revenue will be in the process of updating their calculators and we will contact all affected clients as soon as we can.

If you are looking to purchase and would like to contact us for a quotation please call us or email enquiries@c-g-m.co.uk for a no obligation quote for your conveyancing needs