The government has announced a stamp duty holiday that will run until 31st March next year.
What does this mean for you?
Previously, you would have paid stamp duty on homes sold for at least £125,000, or if you were a first-time buyer, on properties sold for more than £300,000.
Rishi Sunak, the chancellor, has now raised this threshold to £500,000 giving fresh hope that the summer housing market is going to be a busy one.
This change will have a substantial impact and in effect means that nine out of 10 people buying a main home between now and the end of March 2021 will pay no stamp duty at all, and the average stamp duty bill will fall by £4,500.
Britannia Bennetts removals company are here to help you make your move when the time comes. Looking to save money with the stamp duty changes in 2020? We can even do remote quotations by video call if you are shielding at home.
Stamp Duty Land Tax: temporary reduced rates
Reduced rates of Stamp Duty Land Tax (SDLT) will apply for residential properties purchased from 8 July 2020 until 31 March 2021 inclusive.
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