COVID-19 – Stamp Duty Holiday Due to be Extended!
According to a report made by The Times, Rishi Sunak is reportedly preparing to extend the stamp duty holiday that’s currently in place due to the Coronavirus pandemic.
Initially set to end next month, it’s now expected that the Chancellor will announce an extension to the scheme in his budget announcement on 3rd March, which will see it run until the end of June.
Launched in July 2020 in a bid to boost the UK property market as the country was battling with the impact of the national lockdown, the stamp duty holiday allows first-time buyers to purchase a home up to the value of £500,000 without having to pay stamp duty land tax.
A similar offer was made to existing homeowners, who would only have to pay 3% stamp duty on the purchase of a property with a value of up to £500,000.
It is also reported that the Chancellor may be expected to extend the furlough scheme once more, from the existing closing date of 30th April, to the end of June.
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