The Chancellor’s recent announcement of the stamp duty land tax holiday to homebuyers in England and Northern Ireland means that buyers of homes valued at up to £500,000 will no longer pay any stamp duty on the purchase.
In the wake of Covid-19, the stamp duty holiday is intended to boost and revitalise a somewhat damaged housing market. Following predictions that the housing market would crash; the Chancellor hopes that this new measure will give the housing market the kickstart it needs.
According to the Chancellor, the average buyer could stand to save up to £2,000 as a result of this new measure.
Stamp Duty Land Tax, more commonly known as stamp duty, will be cancelled on the purchase of all properties up to half a million pounds. Before this holiday, stamp duty was applied to all purchased properties, with the tax dictated by the purchase price of your property, the percentage of stamp duty you pay will be decided by the price bracket your property falls into