Stamp Duty Land Tax “holiday” extended to 30 June 2021

The Chancellor, Rishi Sunak, has today confirmed that the Stamp Duty Land Tax (SDLT) holiday introduced last year as part of the government’s package of measures to combat the economic impact of Covid-19 is to continue to 30 June 2021.

On 8 July 2020 the Chancellor announced that, as a temporary measure, buyers would not pay SDLT on the first £500,000 of the purchase price.  This was due to end on 31 March 2021 and has now been extended by three months.

As a further measure, the threshold from which SDLT will need to be paid will be doubled from £125,000.00 to £250,000, as a temporary measure from 1 July 2021 to 30 September 2021.  In simple terms, a buyer won’t pay SDLT on the first £250,000 of the purchase price; it is worth noting, however, that the 3% surcharge for “second homes” will continue.

On 1^st October 2021 the SDLT regime will then revert to the pre-8 July 2020 regime.

For more information on SDLT, these changes or to discuss anything about buying or selling a home or an investment property, contact Sid Garg at Colemans on 01628 631051 or by email to sid.garg@colemans.co.uk.

Please note that this note applies only to SDLT payable in respect of property in England and Northern Ireland. SDLT rates are different in Scotland and Wales

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This post was written by Colemans Solicitors LLP