The Government officially confirmed today as part of the budget that there will be an extension to the Stamp Duty holiday from the original end date of 31 March 2021 until 30th June 2021.
The initial Stamp Duty holiday came into effect on the 8th July when the Chancellor of the Exchequer announced a temporary Stamp Duty holiday that cut the rate of Stamp Duty to zero per cent for the first £500,000 of a property purchase price, making a potential saving of up to £15,000 for buyers.
Today, as part of the 2021 budget this Stamp Duty holiday has been extended. The extension means that any properties that complete before the deadline will benefit. Additionally any new buyers who are able to complete before 30 June 2021 will also be able to benefit.
After that, there is an additional reduction for buyers as the starting point for paying Stamp Duty between July and the end of September is doubled to £250,000.
It is then planned for the Stamp Duty rate to return to it's usual £125,000 from October.
To find out how much Stamp Duty you would have to pay based on a purchase price try our Stamp Duty calculator