/ 05 Mar 2021

Budget 2021: Stamp Duty

Last summer the Chancellor of the Exchequer, Rishi Sunak, announced the first £500,000 of all property purchases will have no stamp duty liability. The initiative was introduced to provide a boost to the property market during the coronavirus pandemic. The incentive was due to expire on 31st March 2021.

Buncy Vaghela

Associate

Property

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On Wednesday 3rd March 2021, the Chancellor confirmed during the budget announcement the extension to the stamp duty holiday until 30 June 2021. Furthermore, there would be a staggered period before the stamp duty returned to its normal rate.

From 1 July 2021 to 30 September 2021 the first £250,000 of the purchase price will not have stamp duty liability. The next £675,000 would be taxed at 5%, and the £575,000 after taxed at 10%. The remaining amount would be taxed at 12%.

From 1 October 2021, there will be a return to its usual rate where only the first £125,000 will have nil stamp duty.

This will see a continued boost to the property market.

If you are looking to sell or buy a property please call and speak to someone in our Conveyancing team on 0207 228 0017.

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