In July 2020 the Chancellor of the Exchequer announced a Stamp Duty Land Tax (SDLT) holiday, with the aim of boosting the property market, following the Covid lockdown.

 

This has resulted in a large increase in residential conveyancing transactions across the UK, as buyers take advantage of the financial savings, as no Stamp Duty will be payable on many transactions and significantly reduced on others.

 

To benefit, you must complete your purchase on or before 31^st March 2021. A failure to do so, means that you will have to revert to and pay Stamp Duty under the previous rules.

Regardless of what you and the other parties in a chain hope and intend, there is no guarantee of any particular time frame, due to factors that are out of our direct control such as possible delays from lenders, valuers, surveyors, search providers  and other law firms. 

 

We advise all our clients to be aware of this and to ensure that you have funds available to pay Stamp Duty if necessary.