During the eagerly awaited budget on 3rd March 2021, Chancellor Rishi Sunak announced a three month extension to the Stamp Duty Holiday in relation to purchasing a new property which was due to end on 31st March 2021. The extension tapers the Stamp Duty Holiday as follows:
- No standard Stamp Duty Land Tax (SDLT) will be payable on the first £500,000 of the purchase price. This applies to purchases of residential property purchased in England that complete on or before 30th June 2021.
- For purchases that complete between 1st July and 30th September 2021 inclusive, no standard Stamp Duty Land Tax will be payable on the first £250,000 of the purchase price of any residential property purchased in England.
- Standard SDLT rates will apply to any part of the purchase price that exceeds these amounts.
What does the Stamp Duty holiday extension mean for home buyers?
Here at CWC, we welcome this extension and understand that the announcement is a huge relief for many who are in the process of buying, particularly those within the early stages or with stalled transactions. Whether you’re already in talks to purchase a property or you want to make use of this opportunity immediately, the Stamp Duty holiday extension can save you a significant amount of money.
How can CWC help?
Dealing with Stamp Duty can be a complicated task. Our friendly, experienced Conveyancers can help you make the most of these latest changes and opportunities. We will make sure the process goes as smoothly as possible, helping you make sure the correct amount is paid and ensuring you are not stung by any unexpected costs.
Your home is the most valuable asset that you will own, so having complete trust in the professional that you choose to handle the conveyancing process is crucial. They will be in charge of protecting your asset and helping to prevent any unexpected and unwanted future issues.
We urge you to take action now if you wish to take advantage of this opportunity. Do not miss the deadlines and miss out on a potentially large saving when buying your home!
We remain fully operational throughout this lockdown. Please contact us to learn more about Conveyancing, the latest changes to Stamp Duty or to speak to a member of our team.
We have dedicated Conveyancers working from our Plymouth, Tavistock, Torpoint and Kingsbridge offices who would be delighted to help you.