This month we heard the news from the chancellor that we are having a temporary holiday on stamp duty in England and Northern Ireland until 31 March 2021. The idea for this is to help those who have taken a financial hit because of the Coronavirus.
To familiarise ourselves, stamp duty is a tax paid by people buying properties. Now this could save buyers anywhere up to £15,000, where the property price is £500,000 or more. For example, before this announcement (which was of immediate effect), if you had bought a house for £275,000 the stamp duty you would have paid would have been £3,750. That is quite the saving!
If you are in the middle of you process, remember stamp duty is paid on completion. So, if you’ve exchanged contracts and are currently waiting for completion you will be able to benefit from this update.
Those purchasing a second home and landlords are also eligible for the holiday but will still have to pay the extra 3% of stamp duty they were charged under the previous rules.
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