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SPRING BUDGET 2021 SNAPSHOT RELATING TO PROPERTY

Published: 03/03/2021

STAMP DUTY LAND TAX - The Chancellor has extended the SDLT holiday by three months to 30 June 2021 for purchases up to £500,000. For purchases up to a value of £250,000, the holiday will continue until 30 September 2021. From 1 October stamp duty will return to the usual level of £125,000.

MORTGAGES - Also announced today is a mortgage guarantee scheme to encourage lenders to lend up to 95% of the purchase price on homes with a value of up to £600,000. This is aimed at first-time buyers and is intended to allow more people to become homeowners.

Other points of note include:

• furlough extended to 30 September 2021 with additional support for the self-employed

• business rates relief extended

• reduced VAT rate for hospitality sector extended for a further six months

• alcohol and fuel duty frozen

• no changes to rates of income tax, national insurance or VAT

• capital gains tax and inheritance tax will remain unchanged until April 2026.