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Budget 2021: Stamp Duty Land Tax holiday extended to June

Budget Stamp Duty

The UK Government has announced an extension to the stamp duty holiday by three months until the end of June 2021 to bolster the property market as lockdown eases.

The nil rate band will then be set at £250,000 until the end of September when it will return to £125,000.

The temporary holiday on stamp duty, brought in by the UK Government last July, was due to end on the 31 March 2021.

As this is a devolved issue in the UK, the stamp duty holiday will only apply to properties in England and Northern Ireland.

In another boost to the housing market, the UK Government has announced a mortgage guarantee scheme aimed at helping aspiring homeowners with small deposits onto the property ladder.

The UK Government plans to incentivise lenders to provide mortgages to first-time buyers, and current homeowners, with just 5% deposits to buy properties worth up to £600,000.

If you need specialist advice, guidance or support from our team of legal experts, please email property@loosemores.co.uk or call us on 02920 224433. Please contact James Pearn, Partner and Head of Property at Loosemores to find out more.

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