Stamp Duty extended: Did Rishi Sunak extend the Stamp Duty holiday? Until when?
Budget 2021: Rishi Sunak leaves Downing Street
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The Chancellor has continued wide-ranging financial support for the ongoing coronavirus crisis, including the highly popular Stamp Duty holiday currently in place. This year has seen a significant increase in house sales thanks to the flagship economic policy, which has axed the tax bill on purchases up to £500,000 and reduces it on homes above that price.
A natural rush to take advantage of the holiday, which amounts to a saving of £15,000, had led to delayed and backlogs in the processes, will hopefully be relieved by the move.
Despite the overall misery of 2020 and the ongoing crisis, the housing market has recovered remarkably well, defying the wider economic downturn.
Some 88 percent of purchases in England and Northern Ireland are currently tax free thanks to the holiday.
The nil-rate tax band was extended from £125,000 to £500,000 earlier in the crisis as the market reopened.
Despite the joy for some, the scheme has also been marred with its clogging of the house buying system, leading to wide delays in completing sales.
There is estimated to be twice as many sales currently in negotiation than this time last year.
No extension to the scheme could mean 100,000 buyers will lose out on the huge tax saving according to Rightmove.
The holiday was originally due to end on March 31 – but has it been extended by the Chancellor?
Has Rishi Sunak extended the Stamp Duty holiday?
Express.co.uk will update this page once the Budget has been outlined at 12.30pm this afternoon.
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