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Wednesday 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 jenna.hp@rundlewalker.com

 Try us for your 24/7, online conveyancing quote. 

 

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.