Today the UK Chancellor of the Exchequer, Rishi Sunak, has announced that Stamp Duty Land Tax break will be extended past the original date of 31st March to 30th June 2021.
This means anyone completing a purchase on main residence before this date will not pay any stamp duty on properties up to the value of £500,000 – meaning you could make savings of up to £15,000.
After 30th June the starting rate of stamp duty will be £250,000 until the end of September and Stamp duty will then return to the usual level of £125,000.
Landlords and second-home buyers are also eligible for the tax cut, but will still have to pay the additional 3% of stamp duty they were charged under the previous rules.
In order to benefit from stamp duty savings it is recommended buyers begin the process as soon as possible to ensure completion before the deadline.
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