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Stamp Duty Land Tax

 

According to media reports, the stamp duty holiday will continue until the end of June. This decision will be part of the Budget in early March.

The Times has reported that the Chancellor Rishi Sunak will extend the holiday by three months. There has been considerable pressure placed on the Government to move the deadline back to ensure hundreds of thousands of property buyers do not miss out on significant savings.

Since last summer, the stamp duty threshold increased from £125,000 to £500,000 for property sales in England and Northern Ireland. Scotland and Wales have also benefitted from similar concessions.

The stamp duty holiday has had a positive impact on the property market. The Centre for Policy Studies reported house sales had reached their highest level since before the financial crisis of 2007.

According to figures released by HM Revenue & Customs in December 2021, a total of 129, 400 property transactions were completed.

It is hugely likely there will be calls for the stamp duty holiday threshold to be made permanent or for stamp duty to be removed entirely, at least for people buying their primary residence

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