PROPERTY buyers and sellers alike may be wondering how a proposed stamp duty holiday will affect them, as well as house prices – so we take a look. It comes as the government is reportedly considering whether to introduce a six-month stamp duty holiday on up to the first £500,000 of a property’s value in England and Northern Ireland. ⚠️ Read our coronavirus live blog for the latest news & updates The move isn’t expected to take force until the chancellor’s Autumn Budget later this year, but it’s thought it could be mentioned in Rishi Sunak’s mini-Budget this Wednesday (July 10). Currently, only the first £125,000 of a property’s value in England and Northern Ireland is stamp duty free if it’s your main residence, or for first-time buyers it’s the first £300,000 of a property’s value if it costs under £500,000. Of course, bear in mind stamp duty is a devolved issue with the tax itself and the applicable rates differing in Scotland and Wales . Plus, in England and Northern Ireland there’s also a 3 per cent stamp duty surcharge on those buying second homes. What is stamp duty? STAMP duty land tax (SDLT) is a lump sum payment… Read full this story
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