Stamp duty holiday deadline extended!
The government announced that the temporary stamp duty holiday in England and Northern Ireland has been extended until the end of June.
The news will hopefully come as a relief to those buyers and sellers who have been desperately trying to get their sale completed in time to meet the previous deadline of 31st March.
What is Stamp Duty?
Stamp Duty is a tax you might have to pay if you buy a residential property or a piece of land in England or Northern Ireland over a certain price.
What is the temporary stamp duty holiday?
The temporary stamp duty holiday, first announced by the government on 8th July 2020, means that if you are buying a home up to the value of £500,000 you will not pay any stamp duty.
The extension means you now have until 30th June to complete on the purchase to make the stamp duty saving.
To help transition back to the normal rate, the nil rate band will be £250,000, double its standard level, until the end of September.
It will return to the usual threshold of £125,000 on 1st October 2021.
With High Street offices in Guildford, Portsmouth/Southsea and Southampton, Kings Estates are well placed to provide advice whether you are looking to let or sell your property.
Contact your local office now.