What is stamp duty holiday?
During the COVID crisis, the Chancellor introduced a Stamp Duty Holiday to help the property market stay afloat.
In March 2021, the original Stamp Duty Holiday was extended but is shortly due to come to an end.
During the current Stamp Duty Holiday you will only need to pay Stamp Duty if you are purchasing a property over the value of £500,000.00, meaning great savings for many people. Second properties however will still incur the 3% surcharge.
When will stamp duty holiday end?
The extended Stamp Duty Holiday will however come to an end on the 30th June 2021 meaning that stamp duty levels will rise once again. The Chancellor did however confirm that there would be a phased return to normal Stamp Duty levels and that between the 1st July 2021 and 30th September 2021 there will still be no stamp duty payable for properties up to £250,000.00.
Stamp duty for first time buyers
On the 1st October 2021 the Stamp Duty rules apply as they were before the holiday, meaning that Stamp Duty will once again begin on properties over £125,000.00. This does however not apply to first time buyers as they will still benefit from the first time buyer relief.
GOV.UK have a handy online Stamp Duty calculator should you wish to check what the levels will be for you.