As recently leaked to The Times, the Chancellor Rishi Sunak has today unveiled a temporary extension to the stamp duty holiday as part of his Budget announcements.
The holiday was first introduced last summer as part of the Government’s economic response to the Covid-19 pandemic. Since then, buyers have benefitted from stamp duty not being levied on the first £500,000 of their residential property purchases (n.b. the 3% surcharge has continued to apply to second homes), with the result that most transactions under this threshold attracted no duty at all and those above it received a tax savings of £15,000.
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