We are pleased to see that the Chancellor has gone ahead with the introduction of the new Stamp Duty Land Tax threshold of £500,000 for all buyers of homes until 31 March 2021.
SDLT will now be payable on any amount you pay for a home above £500,000.00 whether you are a first time buyer or otherwise. Additional SDLT will still be payable if the home is not your only one.
The housing market looked promising at the beginning of the year but recently there had been reports of house prices slipping. We hope this measure together with the government’s extension of the current Affordable Homes Programme until March 2023 and other funding safeguarding measures recently announced, will enable the housing sector to withstand these difficult times.
Find out more information here.
