Government gives ‘monumental boost’ to housing market with Stamp Duty holiday from 8th July-31st March 2021
A STAMP duty holiday unveiled by the Chancellor yesterday delighted house buyers and gave a “monumental boost” to the flagging property market.
The announcement in Rishi Sunak’s summer statement means that until 31 March 2021 buyers and movers will only face a bill for stamp duty – a tax levied on house buyers, set as a proportion of the house’s value – if they are spending more than £500,000 on a property.
Like income tax, stamp duty is charged at different rates as the price hits different thresholds. The stamp duty holiday means that buyers will pay 5% on any part of their purchase that falls between £500,000 and £925,000; 10% on any part between £925,000 and £1.5m; and 12% above that.
Investors will pay between 3% and 15% more, depending on the price they are paying.
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