Chancellor extends SDLT cut

04 Mar 2021

Chancellor Rishi Sunak used the 2021 Budget to confirm the extension of the stamp duty land tax (SDLT) holiday.

The government will extend the temporary increase to the SDLT nil-rate band for residential property in England and Northern Ireland to 30 June 2021.

From 1 July 2021 until 30 September 2021, the nil-rate band will be £250,000. The nil-rate band will return to the standard amount of £125,000 from 1 October 2021.

Following the Chancellor's announcement, the Welsh Finance Minister has confirmed that the Land Transaction Tax (LTT) temporary reduction period will be extended by a further three months so that it will end on 30 June 2021.

Mr Sunak also announced a new mortgage guarantee scheme to enable homebuyers to secure a mortgage up to £600,000 with a 5% deposit.

This scheme will provide a guarantee to lenders across the UK who offer mortgages to people with a deposit of just 5% on homes with a value of up to £600,000. Under the scheme, all buyers will have the opportunity to fix their initial mortgage rate for at least five years, should they wish to.

David Postings, Chief Executive of UK Finance, said: 'We welcome the certainty an extension to the stamp duty holiday and a phased approach to its ending brings for buyers and sellers. This will help prevent a cliff edge, reduce the risk of house sales collapsing and will prove beneficial for all parties involved in the housing market.'

Copyright

© 2021 Andrew Wright & Co.. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
01924 379479

Address
Andrew Wright & Co., 10 Cliff Parade, Wakefield, West Yorkshire WF1 2TA


In the UK the term accountant is not protected by law, therefore anyone can call themselves an accountant. Being an ACCA member firm means that you can have confidence that we are qualified to handle your finances, help your business grow and that we are regulated by the leading accountancy body in the world. The ACCA Qualification provides a wide-ranging skill-set, which means we are trained to provide both strategic and operational input and adapt quickly to your changing management accounting needs.

Unqualified persons who have trained for book-keeping or tax only simply aren't able to provide these other services as their skillset is too narrow.

Andrew Wright & Co is a trading style of Andrew Wright & Co Limited. Registered in England and Wales: 10641250. Registered office: 10 Cliff Parade, Wakefield, West Yorkshire, United Kingdom, WF1 2TA.