Good News For Homebuyers - In England at Least!



In case you haven’t already heard, the Chancellor of the Exchequer has announced temporary increases to Stamp Duty Land Tax nil rate bands for residential property.


The new rules increase the nil rate band from £125,000 to £500,000 in the tables covering standard purchases and purchases where the consideration consists of or includes the net present value of the rental element for leasehold acquisitions. For purchases liable to the Higher Rates for Additional Dwellings, the 3% band is increased from £125,000 to £500,000. The measure applies to transactions that are completed or substantially performed between 8 July 2020 and 31 March 2021 inclusive.


For more info have a look a the Government Website here:


https://www.gov.uk/guidance/stamp-duty-land-tax-temporary-reduced-rates


Give us a call if you'd like to know how this may affect your purchase...

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