Does the Stamp Duty Holiday end in June?
Chancellor Rishi Sunak extended the stamp duty holiday until the end of June 2021, which was welcomed news to many. However, many property and financial professionals remained worried of a ‘cliff edge’ to the scheme. Many homebuyers may find themselves caught in a completion trap if the holiday were to end abruptly. Luckily for home buyers, the stamp duty holiday has now been seen to continue past June 30th, however with some changes to the property value threshold.
What is the current Stamp Duty Holiday?
The current stamp duty holiday means that no tax will be levied on the first £500,000 of a property purchases in England and Northern Ireland until June 30. Homebuyers who purchase property during this time could save significant amounts of money up to £15,000. The stamp duty holiday, with this threshold, will end on June 30th.
What does the extension mean?
The stamp duty holiday will now officially end on September 30th, however the threshold between June 30th and the new September date will reduce. Between June and September 30th, the property threshold will drop to £250,000. These changes will only apply in England and Northern Ireland.
If you are currently in a housing chain, and the property value is below £250,000, then you can be rest assured you now have an additional 3 months for your transaction to be processed.
Stamp Duty Calculator
You can find out how much you will save during the stamp duty holiday using the stamp duty calculator here.
What to do next
If you are planning a property development project or searching for a new home, now is a good time to purchase and save money. To get the best rates on the market, and to speed up the mortgage process, you should seek independent financial advice from a broker and make the savings thanks to the stamp duty holiday.
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