Commenting on the extension to the Stamp Duty Land Tax holiday, Matthew Sabine of Hughes Solicitors, welcomed the move by Rishi Sunak in the Spring Statement:
‘The extension will be welcomed by buyers and sellers struggling to complete house purchases by 31 March 2021, and professionals throughout the conveyancing process. While we will be continuing to progress all transactions as quickly as possible, this will provide a benefit to those people who might have struggled to meet the deadline due to complexities in the conveyancing process.’
Rather than the ‘cliff-edge’ deadline that was approaching, the Stamp Duty Land Tax (SDLT) holiday has been extended until 30 June 2021 and will be followed by a tapered reduction to October 2021.
For home-buyers who would have missed the deadline, this provides up to a £15,000 SDLT saving.
According to Rightmove, the average value of property sales in Sussex is just under £400,000 so this provides a significant benefit to many of our clients.
The next phase then provides a further three months from 1 July to 30 September with a reduced holiday saving of up to £2,500, as the nil rate SDLT band will reduce from £500,000.00 before 30 June to £250,000.00 between 1 July until 30 September 2021.
From October it will revert to its previous level of £125,000.00.
How we can help
To find out how we can help when selling your house, please get in touch with Matthew Sabine on 01435 890101 or email firstname.lastname@example.org.
This article is for general information only and does not constitute legal or professional advice. Please note that the law may have changed since this article was published.