Stamp Duty Land Tax temporary reduced rates: Extended

Stamp Duty update

As part of the budget statement this week, the government have announced the extension of the Stamp Duty Land Tax holiday on homes up to the value of £500,000 to the end of June. The extension means that home buyers completing a purchase on a main residence costing up to £500,000 before 30 June 2021 will not pay any stamp duty.

From the end of June to the end of September, the nil rate band will be set at £250,000 before returning to its usual level of £125,000 from October 1.

The measure, originally announced as part of a 'plan for jobs' designed help kick-start the economy from the Coronavirus imposed lockdowns could save first-time buyers up to £10,000 and second steppers and other home buyers as much as £15,000, making the cost of buying a home more affordable.

House and keys. Credit: Tierra Mallorca

At NHG, our aim is to help buyers make their move smoothly and quickly but this news will be welcome for those requiring a little extra time to complete their home purchase.

Notting Hill Genesis have appointments available for five days a week across all our developments, make the most of this tax break and take the first steps to making your move by visiting www.nhgsales.com and registering your interest or contact our Sales Enquiries Team for further information at 020 3815 2222

 

Tuesday 12 January 2021

Time is running out to make use of the temporarily extended 'nil rate' of Stamp Duty Land Tax on homes up to the value of £500,000. 

This measure, announced as part of a 'plan for jobs' designed help kick-start the economy from the Coronavirus imposed lockdowns could save first-time buyers up to £10,000 and second steppers and other home buyers as much as £15,000, making the cost of buying a home more affordable.

The nil rate will apply to any sale completion that takes place between 8 July 2020 and 31 March 2021, there are some exceptions (including where the majority of the purchase in financial terms has taken place, where the buyer has already moved in or where the buyer is already collecting rent on the property through a sublease – buyers should check with their solicitor) and will help both buyers to buy and sellers to sell more easily during this difficult time.

Across the housing supply chain, this measure will help stimulate activity, supporting jobs and, for housing associations such as Notting Hill Genesis who use sales income to fund the provision of much needed affordable housing, this short-term measure is also likely to have a positive impact on our ability to meet our social purpose.