Stamp duty holiday extended until end of September

Plans to boost the economic recovery, including extending the stamp duty holiday, has been announced in the Budget.

Rishi Sunak has confirmed that the stamp duty holiday will be extended until the end of September.

The chancellor announced that the up-to-£500,000 “nil-rate band” for stamp duty will finish at the end of June, rather than the end of March, as planned. It will then be tapered until September.

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Consequently, until 30 June 2021, no stamp duty will be charged on a residential property bought for up to £500,000. This covers the majority of houses and flats in the UK.

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Until 30 September 2021, no stamp duty will be charged on a residential property bought for up to £250,000.

Sunak had been under growing pressure to extend the deadline amid concerns it was creating a cliff-edge and risked thousands of buyers pulling out of transactions if they missed the now previous deadline of 31 March for the tax break.

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