Good news for UK housing buyers!
Following the government mini financial budget announcement, the Chancellor has announced a temporary holiday stamp duty on the first £500,000 of all property sales in England and Northern Ireland. The tax threshold has been temporarily raised until March 2021 with the view to encourage first time buyers and purchasers who are not first time buyer but is not purchasing a property as second home.
The temporary Stamp Duty will be as follow:
| Purchase Price | SDLT |
| Up to £500,000 | Zero |
| £500,001 – £925,000 | 5% |
| £925,001-£1.5 Million | 10% |
| The remaining amount | 12% |
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