What does the Stamp Duty Holiday extension mean?
Exactly that! Anyone looking at buying a home within the next few months can benefit from paying no Stamp Duty and save up to £15,000*!
When does the Stamp Duty Holiday extension start?
Straight away! As of 03/03/21, the extension has been applied to all homebuyers looking for their next home.
What is the Stamp Duty Holiday limit?
You can save up to £15,000 on your next home up to the value of £500,000. This means that you will pay £0 on Stamp Duty for homes under £500,000 and you will only pay regular Stamp Duty rates on the value above. For example, a house with a purchase price of £600,000, would mean no stamp duty is payable on the first £500,000, and stamp duty at the normal rate would be payable on the £100,000 difference.
How long will the Stamp Duty Holiday last?
The recent announcement from the Government states that the new extension will last until June 2021.
Additional Stamp Duty Holiday information
The Government also confirmed that the Stamp Duty Holiday will be further extended but slightly restricted up until September 2021. This means that from June 2021 until September 2021, the Stamp Duty Holiday will only be available on homes up to the value of £250,000 – this could still save you £7,500 on your next home, but make sure you’re quick to reap the benefits of these cash savings!
For more information on the Stamp Duty Holiday and how we can help to get you moving, arrange an appointment with one of our friendly sales advisors.
*Different rates of stamp duty apply if you own more than one property.