In the latest batch of government announcements, chancellor Rishi Sunak has disclosed plans for a ‘Stamp Duty holiday’. In doing so, he will be expanding the threshold for avoiding this tax by 300%. Whilst originally properties selling for £125,000 or less were the only ones to benefit from this, now those selling up to the value of £500,000 can also take advantage.
This change is expected to exempt 90% of main homes sold before this ‘holiday’ ends at the end of March 2021 and could save buyers up to £15,000 (based on the purchase of a £500,000 home). This highlights a fantastic opportunity for new and existing homeowners to take advantage of.
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