Spring Budget News- Stamp Duty Land Tax Holiday Scheme Extended
In the summer of 2020, Chancellor Rishi Sunak introduced a temporary reduction in Stamp Duty Land Tax rates to help the UK economy recover from the Coronavirus pandemic. The reduction in SDLT rates was due to last until 31st of March 2021.
In his Spring Budget, on 3rd March, the Chancellor announced an extension of the SDLT holiday to "smooth the transition back to normal". The current nil-rate band of £500,000 will continue to apply to residential properties until 30th June. From 1st July, the nil-rate band will be £250,000 until 30th of September. The nil-rate band will return its pre-Covid threshold of £125,000 from 1st October 2021.
For specialist advice on moving home or buying or selling an investment property, please contact any member of the Property Services team at Gardner Croft, the Canterbury law firm.