Stamp Duty Holiday
The Chancellor, Rishi Sunak has announced today that a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland. These promising changes have come in with immediate effect with the tax threshold being temproarily raised until next March which will boost the property market as well as helping buyers who are struggling due to the coronavirus pandemic. This means that anyone completing on a property costing up to £500,000 between the 8th of July 2020 and the 31st March 2021 will not pay any stamp duty and properties of a higher value will only be taxed above that £500,000 threshold. In doing this, the average stamp duty bill will decrease by £4,500.