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As expected, and as we reported yesterday, the Chancellor, Rishi Sunak, has announced today in his mini-budget a temporary increase in the threshold for Stamp Duty on residential purchases; one of a raft of measures designed to boost the post-lockdown economy and save jobs.
The Chancellor heeded advice to implement the increase immediately. It was feared that a delayed implementation would, in the short-term, cause further stagnation in the housing market as buyers put their plans on hold with a view to saving thousands of pounds in a few months’ time.
What is the change?
The announcement means that for residential purchases where completion takes place from today, the Stamp Duty threshold will increase from £125,000 to £500,000. Depending upon the purchase price, this can mean a saving on Stamp Duty of up to £15,000.
This Stamp Duty ‘holiday’ will continue until 31st March 2021.
The change applies only to England and Northern Ireland, although the devolved administrations in Scotland and Wales, which have their own versions of Stamp Duty, are expected to follow suit.