Government announce stamp duty holiday
Stamp duty is paid on the purchase of a property. The rules of stamp duty are slightly different across the 4 countries of the UK.
- Stamp Duty Land Tax is paid in England and Northern Ireland.
- Land and Building Transaction Tax is paid in Scotland.
- Land Transaction Tax is paid in Wales.
The amount of tax payable is dependent on where you live in the UK, how much the property cost, and if you’re a first-time buyer.
The Chancellor has announced on Wednesday 8 July 2020 that the threshold will be temporarily raised to £500,000 until next March. The aim of this is to increase activity in the property market. This will also help house buyers that have been financially affected by the coronavirus. It is important to note that this will take effect immediately.
The Government says that “the average stamp duty bill will fall by £4,500. And nearly nine out of 10 people buying a main home this year, will pay no stamp duty at all.”
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