Sigh of Relief for SDLT Holiday Extension03 Mar 2021 // Insights
Co-Head of Residential Real Estate, Emily Lui, comments on the SDLT holiday extension announced by the Chancellor.
A sigh of relief was heard across the country today as the Chancellor announced an extension to the SDLT holiday to the end of June. This enables transactions that were being rushed to exchange and complete by the end of this month, giving them extra time to go through.
To recap, the SDLT holiday introduced last year meant that the first £500,000 of any purchase will be SDLT free, which could save buyers as much as £15,000. In addition to this extension, the Chancellor has heeded advice that the property market could fall off a cliff edge if the holiday is abruptly ended at the end of June. The Chancellor has sought to circumvent this by increasing the nil rate band for SDLT to £250,000 from the beginning of July until the end of September, when it will then return to the normal £125,000. The idea is that the property market will be gradually eased back into the normal rates.
If you have any questions regarding the above information, or need residential real estate related advice, please contact Emily Lui at Emily.email@example.com or 02077258064.