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Chancellor unveils Stamp Duty holiday

Written by: Category: News July 8, 2020

Chancellor Rishi Sunak has today confirmed that the Stamp Duty threshold will be increased to £500,000 immediately until March 31 next year.

Sunak confirmed rumours of the Stamp Duty holiday during his summer economic update this afternoon.

The aim is to boost the housing market and the wider economy to help the UK recover from the consequences of the coronavirus pandemic.

Following the Chancellors announcement the Stamp Duty threshold has now been raised to £500,000 from NOW. Therefore if you are looking to purchase a property below £500,000 you will NOT PAY ANY STAMP DUTY. This incentive is only until 31 March 2021.

It comes after the property market was effectively closed between the end of March and mid-May.

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 in the Chancellor’s speech to MPs about additional homes or higher levels of stamp duty for homes above £500,000.

On the wider outlook for the economy, Sunak has told MPs the country faces “profound challenges” and says “although hardship lies ahead, no one will be left without hope.”

More information to follow….

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