This afternoon the Chancellor, Rishi Sunak, has announced a temporary holiday on stamp duty on the first £500,000 of property sales in England and Northern Ireland.

The level at which the tax is charged has been temporarily raised until next March to £500,000 to boost the property market and help buyers who are struggling because of the coronavirus crisis.

The changes have been introduced with immediate effect.

People buying second homes and buy-to-let properties will also benefit but the 3% rate applies up to £500k.

The Treasury says nine out of 10 people getting on or moving up the property ladder or downsizing this year will pay no stamp duty as a result. The Chancellor has said the average saving will be £4,500. 

Please contact any member of our residential conveyancing team if you have any questions about how this news will affect buying a property. 

You may also find the Government website useful: https://www.tax.service.gov.uk/calculate-stamp-duty-land-tax/#/intro