In a bid to boost the housing market, the Chancellor of the Exchequer announced a stamp duty holiday from the 8th of July to the 31st March 2021. This tax break is intended to give the housing market, and the economy, a temporary boost, while giving hesitant house buyers an incentive to buy. So are you planning to take advantage of the stamp duty holiday?
What is it?
Stamp Duty Land Tax (SDLT) is payable when you buy a property. There are a number of variables that apply to the calculation, so it is always advisable to use a reputable firm of conveyancing solicitors to understand stamp duty costs. But with the stamp duty holiday, more people can take advantage of this saving, as the threshold has been temporarily increased, from £125,000 to £500,000.
How can you benefit?
The increase to £500,000, has brought other home buyers into …