In yesterday’s budget, Rishi Sunak announced the extension of the scheme to support and boost the property market which has been hit by lockdown.
Mr Sunak told MPs the extension was “to smooth the transition back to normal – and we will only return to the usual level of £125,000 from October 1”.
The stamp duty holiday was originally introduced on 8th July 2020 to help buyers and to restart the housing market, the key driver of our economy.
“The extension to the current stamp duty holiday will support our ethos of helping homeowners realise their dreams in the Cotswolds. It’s been a busy time and will allow those to benefit who may have missed out due to transactional delays, as the relief tapers it will continue to help until 30th September.”
What it means to you:
– The existing policy is extended from 31st March to 30th June 2021.
– No Stamp duty is payable for purchases below £500,000 (unless it’s a second/additional home purchase) and £15,000 reduction for purchases over £500,0000 if the sale completes on or before 30th June.
– No stamp duty is payable for purchases below £250,000 (unless it’s a second/additional home purchase) and £2,500 reduction for purchases over £250,0000 if the sale completes after 30th June and on or before 30th September.
What is stamp duty? Stamp duty is a tax paid by the buyer on the purchase of property or land in England and Northern Ireland.
Hayman-Joyce invite you to call, email or Whatsapp the team if you’d like to sell – or buy – your dream home in the Cotswolds.