14 Jun 2021
Stamp Duty Update
The 30th of June signifies the end of the Stamp Duty holiday.
The current incentive means buyers only start paying Stamp Duty on the part of the purchase price above £500,000. So, for example, a home mover looking to purchase at £600,000 will currently only incur a charge of £5,000 as opposed to paying £17,500 a day later on the 1st July, saving a whopping £12,500!
On Thursday 1st July the incentive reduces to £250,000, meaning stamp duty will only be charged above this figure up until 30th September which still provides a £2,500 saving when purchasing above £250,000.
First-time buyers, however, will still not pay any stamp on the first £300,000 of their purchase when buying up to £500,000.
A recent petition to the Government wanting a change to the deadline from legal completion to an exchange of contracts has been quashed. The Government has made it clear no further changes will be made.
With few working days to go, only progressed sales are likely to make this deadline, commonly those that started at least a couple of months prior.
If you would like to discuss your situation or any potential impact on you on this deadline, please get in touch as we are looking to support as many people as we can, whether you are our client or not.