Posted in September 2020
In an attempt to boost the UK property market due to the negative impact caused by the COVID-19 crisis, Rishi Sunak announced a temporary cut to Stamp Duty for residential property costing up to £500,000. The cut in Stamp Duty was immediately applied from 8th July 2020 and will remain in place until 31st March 2021.
What the Chancellor told MPs:-
“One of the most important sectors for job creation is housing. The construction sector adds £39 billion a year to the UK economy. House building alone supports nearly three quarter of a million jobs, with millions more relying on the availability of housing to find work. Uncertainty abounds in the market – a market we need to be thriving. We need people feeling confident – confident to buy, sell, renovate, move and improve. That will drive growth. That will create jobs. So to catalyse the housing market and boost confidence, I have decided today to cut Stamp Duty. Nearly nine out of ten people buying a main home this year [in England and Northern Ireland], will pay no Stamp Duty at all.”How this cut in Stamp Duty works:-
How this affects purchasing a property costing £500,000:-
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