Who needs a holiday?

With all the stresses and strains of the last nine months everyone could do with a holiday and the government was kind enough to offer one to the buyers of residential property when it came to paying Stamp Duty Land Tax (SDLT). And it wasn’t just a ‘Summer Holiday’ either, extending right through to 31 March 2021. So, someone paying £500,000 for their new home can potentially save £15,000 of SDLT at the moment, and even those buying second properties are only taxed at three percent on the first £500,000, with tapered charges for any amount above that. Unfortunately, all good things must come to an end and those hoping to benefit from this particular holiday will come to earth with a major bump if they aren’t able to complete their transactions by then.

Tim MIddleton, Partner in our residential property team, discusses this subject in an article for The Negotiator.

The full article is available, here.