Stamp Duty Holiday

Stamp Duty Holiday

by Aurora Financial — Posted on February 26, 2021

You may have heard about the stamp duty holiday which has kept the housing market protected through the pandemic and saved home buyers a significant amount of money.

The tax saving was announced last summer and is due to end on 31st March. It cuts the bill entirely on properties costing between £125,000 and £500,000 and reduces it on homes costing more than that.

However, due to lockdown restrictions and delays caused by the pandemic, some buyers may find themselves completing their purchase after the deadline, leaving them with an unexpected bill of up to £15,000.

Meanwhile, some of those attempting to rush through to completion are taking risks such as skipping home surveys.

The Chancellor is rumored to be preparing to announce an extension to the deadline but will this resolve the issue or simply defer it?