"New legislation affecting Stamp Duty Land Tax (SDLT) in England and Northern Ireland will drive a positive move for the housing market,” says leading Shropshire estate agency, Holland Broadbridge.
Following the Government announcement on 08/07/2020 by Chancellor of the Exchequer, Rishi Sunak, the new legislation has raised the threshold for when SDLT kicks in from £125,000 to £500,000, with immediate effect.
“In particular first time buyers or house buyers who have taken a hit because of the coronavirus crisis will benefit hugely by this change in payable SDLT. Although a temporary measure, the emergency stamp duty holiday will run to 31 March 2021 which is longer than anticipated, giving an instant boost to the property market,” explains Gary Holland, partner at Holland Broadbridge.
Stamp duty holidays are a tried and trusted means to support housing market activity and can provide an additional incentive to move home during a period when the economy has been damaged.
You can work out how much Stamp Duty you will pay by using the Holland Broadbridge Stamp Duty Calculator.
