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Latest NewsWednesday 8th July 2020
Chancellor's Summer Statement: Rishi Sunak announces a temporary holiday on stamp duty.
Rishi Sunak has announced a temporary holiday on stamp duty on the first £500,000 of all property purchases in England and Northern Ireland. First Time Buyers and standard rate Stamp Duty tax payers will pay no stamp duty on purchases up to £500,000 until the 31st March 2021. It is believed that higher rate Stamp Duty tax payers will only pay the 3% surcharge on property purchases up to £500,000. It is thought that Stamp Duty will then only apply to the amount payable over £500,000 at usual rates but we await further detailed guidance from HM Revenue & Customs.
The changes have come in with immediate effect. Full story HERE, courtesy of BBC News.
Jenna Hamilton-Pursglove, Director & Head of Conveyancing says of the Statement: "This is a real boost for the property market and is already making a huge difference to a lot of our clients. Our team are busy talking to clients with an update on this situation."
For further information about buying or selling your home, please contact Jenna Hamilton-Pursglove on 01392 209204 or email firstname.lastname@example.org
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.