Delivering his Budget statement, Chancellor Rishi Sunak has announced today that the stamp duty land tax holiday will be extended.
Sunak has confirmed that the current stamp duty holiday (nil rate band of £500,000) has been extended and will now end on 30 June instead of 31 March.
The stamp duty holiday was initially introduced to boost the property market hit by the lockdowns due to Covid-19 and help buyers who might have suffered financially from Covid-19 and its consequences.
According to Sunak, the policy is to assist people to buy their own homes: ‘As the prime minister has said, we want to turn generation rent into generation buy.’
In order to ‘smooth the transition back to normal’, the nil rate band will be £250,000 – ‘double its standard level’ – until the end of September. The government will return to the usual level of £125,000 from 1 October.
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