UK: STAMP DUTY HOLIDAY EXTENDED UNTIL END OF JUNE 2021

Highlights:

  • Rishi Sunak announced that, the stamp duty holiday on has been extended to the end of June 2021
  • The property purchase tax has also been suspended on the first 500,000 pounds of sales in UK and Northern Ireland

The chancellor of the United Kingdom, Rishi Sunak, has announced that, the stamp duty holiday on the house purchases have been extended till the end of June 2021, and the property purchase tax has also been suspended on the first 500,000 pounds of all the sales in region of the United Kingdom and Northern Ireland since the month of July.

The tax break for now is going to be continued until the end of the month of June 2021, and after that, the nil rate band is going to be set at 250,000 pounds, which is the double from its standard level till the end of the month of September 2021, and Rishi Sunak have also told the Members of Parliament that, the extra move had been made for bring the transition back to normal and they will only be returning to the usual level of 125,000 pounds from 1st October 2021.

The stamp duty holiday had been introduced in the United Kingdom for helping the buyers who may have taken a financial hit because of the novel corona virus pandemic, and it was also introduced for boosting the property market, that has been hit by the lockdown, and at the time of the the stamp duty holiday there had also been some ease or relief from the taxes for the buyers of the property in the region of Scotland and Wales.

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