Stamp Duty Relief – March Update
The government has responded to calls to avoid the fears of a cliff edge drop in the property market with the Chancellor announcing in his recent budget that the popular stamp duty holiday for properties up to £500,000 has been extended for a further three months, until 30 June 2021.
In addition, once the stamp duty relief ends in June, it has been announced that the nil rate band threshold will be increased from £125,000 to £250,000 until 30 September; a move that will assist buyers at the lower end of the market continue to benefit from the stamp duty savings. During this period, stamp duty will be taxed at 5% for properties sold between £250,001 and £925,000, and 10% for properties ranging from £925,001 to £1,500.00 and 12% for any remainder beyond this.
This announcement will likely be welcomed by potential buyers who may have been worrying over the looming deadline, and this tapered approach with the nil rate band increasing will mean that buyers will be able to benefit from stamp duty savings until October.
It would, however, still be prudent to budget for all eventualities by seeking advice on what your stamp duty liability could be depending on the expected timeframe of your completion.
If you would like to discuss the stamp duty relief or require advice on residential conveyancing, please contact Sacha Bolourchi, who is a specialist residential property solicitor at our Brighton offices at email@example.com or 077384 469082