Chancellor Rishi Sunak has announced in his Budget that the Stamp Duty Holiday on house purchases is to be extended for a further 3 months.

This has meant that Stamp Duty Tax has been suspended on the first £500,000 of all house sales and purchases in England and Northern Ireland since July 2020.

What does this mean for potential buyers?

The threshold for paying Stamp Duty Land Tax (SDLT) will remain at £500,000 for an extended 3 month period, until 30^th June 2021.

That being said, after this date, the threshold will not immediately return to its original value of £125,000, but will be set at £250,000 until the end of September 2021.

The recently announced extension will provide much relief for property buyers across the country. It will enable many buyers in the pipeline to complete within the extended timescales without paying SDLT, or paying a reduced amount and also taking away some pressure of having to complete by the 31^st March, which was the original date the exemption was to come to an end.

How can we help? 

At Elliot Mather, we have an expert Residential team who are dedicated to assisting clients locally, regionally and even nationally. Our team have a high level of expertise relating to a range of residential matters. Contact us today to find out how we can assist with your conveyancing.

How to get in contact

Our team are on hand to help you and can assist wherever you are based. Please call us for a no-obligation, initial discussion on 0330 333 2613 or email enquiries@elliotmather.co.uk  and we will call or email you back.

For further information about the recent Stamp Duty holiday extension, please follow the link:  https://www.bbc.co.uk/news/business-56268159 

• Residential