Government Stamp Duty Announcement

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  • 8 Jul 2020

The chancellor has announced a temporary holiday on stamp duty on the first £500,000 of all property sales in England. This could result in a significant saving for purchasers.

The tax threshold has been temporarily raised until next March to boost the property market and help buyers struggling because of the coronavirus crisis. The changes have come in with immediate effect.

What is stamp duty?

Stamp duty is a tax paid by people buying properties in the UK. In England and Northern Ireland buyers pay Stamp Duty Land Tax. The amount paid to the government depends the price of the property. The changes to stamp duty will only apply to buyers in England and Northern Ireland.

You should always seek advice from your solicitor on stamp duty for a Shared Ownership purchase.