Stamp Duty Holiday - will it be extended?
27/01/2021
Stamp Duty Holiday - will it be extended?
The Stamp Duty Holiday announced by the Chancellor in July last year, is due to end on 31 March 2021.
Stamp duty is a tax paid by buyers of homes worth more than £125,000.
The bill comes at the end of the buying process, with rates of:
2% from £125,001 to £250,000
5% from £250,001 to £925,000
10% from £925,001 to £1.5 million
12% anything above £1.5 million
There's a discount for first-time buyers, with no tax due on the first £300,000, and then 5% on any amounts between £300,001 and £500,000 if you buy your first home before 8 July 2020 or from 1 April 2021.
However, until April 1, the first £500,000 of any purchase is exempt from the tax - saving buyers up to £15,000 each.
HOT news... It's been announced that MPs will debated on 1st February, if the stamp duty holiday should be extended 🤞
#wisbech #propertynews #stampduty
