• Foxmain Associates

Stamp duty holiday begins tapering off

The temporary holiday for stamp duty land tax is set to start tapering off from 30 June 2021 as the UK continues its gradual closing of restrictions.


Introduced by the Chancellor Rishi Sunak on 8 July 2020, the holiday say tax rates on transactions of properties up to to £500,000 in England and Northern Ireland cut to 0% to stimulate the housing market during the worst of the pandemic.


It meant a saving of up to £15,000 for people buying homes.


Landlords and second-home buyers were also able to make use of the tax cut, but they still had to pay the extra 3% of stamp duty they were charged under previous rules.


From 1 July 2021, the holiday will enter an interim period in which the zero rate will apply to properties valued up to £250,000.


This will be the case until 30 September 2021 after which time rates will revert to their "normal" pre-pandemic levels.


The dates from now until the withdrawal of the scheme are below: -