Published: 16/12/2020The Treasury announced this week that the Stamp Duty Land Tax (SDLT) holiday will not be extended despite petitioning from the property industry for, at the very least, a phasing out period for the relief. The government have said that it was designed to be a temporary relief in order to provide momentum to the property market as well as safeguard jobs within the property sector.
Since its introduction, transactions have increased and the Treasury cites data showing that in October 2020, transactions were 8% higher than in October 2019.
With no extension to the deadline, time is now running short to complete transactions by the end of March 2021, particularly as backlogs are being experienced. To ensure you benefit from the SDLT saving, you need to act now. Make sure you are proactive on your purchase so as not to be the one holding it up.