Stamp Duty Land Tax holiday extended to end of June

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.