Stamp Duty Holiday
Many of us have had our holidays curtailed this year, but the Government did offer a Stamp Duty Holiday.
But hurry! If you want to take advantage of this tax break you need to complete your purchase before 31st March 2021.
See the BBC graph for just how much you could save . . .
The table illustrates just how much money can be saved at the moment, (published by BBC)
Some feel that the stamp duty break has been an unnecessary give away this year. When the country is in crisis due to the Corona Virus pandemic, they argue that tax breaks for property purchases should not be a priority. I certainly agree that the affect of this break has helped fuel the increase in property prices. The spare money in peoples pockets is often needed to fund a purchase, as over the summer we have seen many people having to bid and compete to get their offers accepted.
Others feel the tax break has been a big incentive to get the property market up and running over the summer. It may also have helped lure First Time Buyers into the market place and tempt more vendors to sell.
All buyers are benefitting from this break but landlords and second home buyers still have to pay the additional surcharge due.
Follow this link for a handy Stamp Duty Calculator to work out exactly how much is payable:
The important thing to remember is that the average sale takes at least 3 months to complete so if you want to be sure of benefitting from this tax break, you need to secure your purchase very soon.