Chancellor unveils Stamp Duty holiday
Chancellor Rishi Sunak has confirmed that the Stamp Duty threshold will be increased to £500,000 immediately until March 31 next year.
Chancellor of the Exchequer Rishi Sunak has announced that there will be no stamp duty on homes selling for £500,000 or less; this temporary holiday will last until the end of March 2021.
The threshold for 'no stamp duty' therefore rises with immediate effect from £125,000 to £500,000.
The Chancellor claims that this means nine out of 10 main homes sold between now and the end of March, will be exempt from stamp duty.
No details have been released yet about additional homes or higher levels of stamp duty for homes above £500,000; it is anticipated that SDLT for these segments of the market will remain unchanged.
Source: Estate Agent Today