Stamp duty holiday extended until June with tapering end date

The government has extended the current Stamp Duty Land Tax (SDLT) holiday until 30 June after which the nil rate threshold drops from £500,000 to £250,000 until October. In today’s Budget, chancellor Rishi Sunak said the additional step down of the nil rate threshold, before it is lowered to its normal level of £125,000, was to “smooth the transition”, as reported in Mortgagesolutions. The stamp duty extension will cost a further £1.6bn in lost revenue. HM Treasury estimates it will lose £1.35bn in revenue by extending the scheme into the 2021-22 tax year, with an additional £255m to be avoided by buyers at the end of this financial year. Sunak said: “The housing sector supports over half a million jobs. The cut in stamp duty I announced last summer has helped hundreds of thousands of people buy a home and supported the economy at a critical time. “But due to the sheer volume of transactions we’re seeing, many new purchases won’t complete in time for the end of March. “So I can announce today the £500,000 nil rate band will not end on the 31st of March, it will end on the 30th of June.”

The post Stamp duty holiday extended until June with tapering end date appeared first on The Mortgage Bureau.

https://www.themortgagebureau.co.uk/stamp-duty/stamp-duty-holiday-extended-until-june-with-tapering-end-date/