Stamp Duty Holiday: Government rejects plans to extend support - ‘temporary relief’
The Stamp Duty Holiday was implemented in order to offer an important tax break for those who are moving home amid the ongoing pandemic. Stamp Duty Land Tax (SDLT) is usually applicable in England and Northern Ireland on property or land above a certain price. The threshold has been set at £500,000 until March 31, 2021 by Chancellor Rishi Sunak, however, such support was only originally intended to be temporary.
This was confirmed by the government after a recent petition to extend the support measure by six months.
The petition was published on the official Parliament website and called upon the government to “stabilise the housing market” through a six month extension.
It garnered significant support, at 22,205 signatures at the time of writing, and triggered a government response.
However, signatories did not receive the answer they were hoping for, with the government rejecting calls to extend the scheme at present.
READ MORE: Furlough warning: Vital deadline today for those who use the scheme
However, the government also vowed to protect homeowners when the holiday comes to an end.
It will maintain SDLT relief for first-time buyers, increasing the starting threshold to £300,000 for first-time buyers purchasing a property below £500,000.
In addition, the government has explained a new Help to Buy scheme will be introduced from April 2021.
The scheme will run until March 2023 to provide support to first-time buyers getting on the property ladder.
With no present plans to extend the Stamp Duty Holiday, Britons will need to act fast if they wish to take advantage of the support.
Recently, industry experts have suggested even those who are already in the application process could miss out as the backlog of mortgage applications grows.
High demand to take advantage of the scheme is one of the reasons for a lengthier process than Britons would usually meet when moving home.
Homeowners have been urged to sort out all of their relevant documentation for buying, and indeed selling, a home, in attempts to make the process as smooth as possible.
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