Chancellor Announces Stamp Duty Holiday
Chancellor Rishi Sunak has announced a temporary holiday on stamp duty to run until 31st March 2021 in a bid to boost the housing market.
Stamp duty is the tax you must pay if you buy a residential property or a piece of land in England and Northern Ireland.
With immediate effect, house-hunters will not have to pay stamp duty on property’s costing up to £500,000.
This will apply to both first-time buyers and those who have previously owned a property.
The increase in the threshold means buyers can save as much as £15,000 in fees they would previously have paid.
Mr Sunak has suggested nearly nine out of 10 people buying a main home this year will pay no stamp duty at all and the average stamp duty bill will fall by £4,500.