• The Stamp Duty Holiday – what happens next?

    1st March 2021

    On 8th July 2020, the Chancellor of the Exchequer introduced a temporary stamp duty holiday. This reduced the rate of stamp duty in the UK down to zero percent for all properties under £500,000, until 31st March 2021.

    For example, if you purchased a property for £450,000 as a main residence, you would have paid £13,500 in stamp duty taxation before the holiday. Now, the inhabitants of this property would pay zero.

    Opinion is split over whether Chancellor Rishi Sunak should extend, phase out or scrap the stamp duty holiday. The official deadline is 31st March – but will this be pushed back, to last longer?

    Many campaigns are taking place across the UK, encouraging the Chancellor to extend the deadline. Whether he does so or not will have repercussions for the property market – and those involved with the industry must react to that.