Latest Stamp Duty Update
With the latest Stamp Duty update Chancellor Rishi Sunak has extended the stamp duty holiday until the end of June 2021 – and ruled it will then be tapered until the end of September 2021.
What does this mean as far the latest stamp duty changes?
In essence the previous Stamp Duty Holiday had a stamp duty end date of 31st March 2021. If completion of a purchase extended past that stamp duty end date then normal stamp duty would have been payable.
Stamp Duty End Date
With the latest stamp duty changes, and latest stamp duty end date, the original Nil rate Stamp Duty on purchases up to £500,000 has been extended to be available to any purchases that complete before the 30th June 2021.
Thereafter the holiday ends but whilst the nil rate band might have reduced back down to £125000, instead this will be £250,000 for the period from 1st July 2021 to 30th September 2021.
So with the latest update on stamp duty, although the Stamp Duty Holiday will end on the 1st July 2021, there is a short 3 month reduction of until the return to normal stamp duty of 1st October 2021.
From what I can gather First Time Buyers will still benefit from a nil rate for the first £300,000 irrespective of all other changes , and how they change too. In other words they benefit up to £500,000 to 30th June, thereafter the first £300,000 will be nil too.
Many of our customers are planning of course to take advantage of this period while it is still available.
If you have any questions regarding stamp duty when purchasing a property visit our stamp duty page or contact us today for further information.
Correct at writing 29th March 2021 – please also note second property stamp duty still applies like it did beforehand, call us to discuss if you think this might apply to you.
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