SDLT Threshold rises from £125,000 to £500,000 until 31 March 2021.
The Chancellor, Rishi Sunak said yesterday (09.07.20) that property transactions had fallen by 50% in May 2020 – with that being the first fall in house prices for eight years.
The solution, he announced is a “temporary cut [in Stamp Duty Land Tax - SDLT] until 31 MARCH 2021".
This means that if you purchase a property between now and March 2021 no stamp duty will be payable if the property that you purchase is valued up to £500,000, with immediate effect.
This could save home buyers many thousands of pounds in SDLT - tax.
Mr Sunak told MPs:
“The average stamp duty bill will fall by £4,500. Almost 9 out of 10 people buying a main home this year, would benefit and will pay no stamp duty at all".
The measure is designed to boost confidence in the housing market after a distinct slump in transactions and to kickstart the stalled housing market.
Let's hope so.
The information provided in this article is not intended to constitute legal advice and you should take full and comprehensive legal advice on your individual circumstances by a fully qualified Solicitor before you embark on any course of action.