The Stamp Duty Land Tax (SDLT) holiday has been extended until 30th June 2021, announced Chancellor of the Exchequer Rishi Sunak while delivering the spring Budget.
Properties with a value of up to £500,000 won’t be subject to SDLT costs until after 30th June. Home purchases with a value of up to £250,000 will be exempt from SDLT until the end of September. This means if someone purchases a residential property between the start of July and the end of September, they only pay SDLT on any amount above £250,000.
SDLT will completely return to the pre-pandemic level of £125,000 from 1st October 2021. First time buyers are still exempt from paying any SDLT on properties with a value of up to £300,000 – this will continue after the 30th September.
Rishi Sunak said: “The stamp duty cut has helped hundreds of thousands of people buy a home and supported the economy at a critical time. But due to the sheer volume of transactions we’re now seeing, many purchases won’t complete in time for the end of March.”
Sunak continued: “I can announce today the £500,000 nil rate band will not end on 31 March, it will end on 30 June. Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September – and we will only return to the usual level of £125,000 from 1 October.”
Please visit the government’s official SDLT page for more information and updates.