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.
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