Stamp Duty Holiday
c.jermyn • July 20, 2020
The Chancellor announces temporary changes to Stamp Duty Land Tax
A home is the largest purchase that most people will ever make. When buying a residential property, you usually pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price above £125,000. In the mini budget on 8th July 2020 the Chancellor announced an increase in the Stamp Duty threshold to £500,000, effective immediately until 31st March 2021, to assist the housing market in its recovery following the impact of the coronavirus.
What does that mean for you?
If you are completing a property purchased anytime from now to 31st March 2021 you will not need to pay Stamp Duty on properties up to the value of £500,000. More expensive properties will only be taxed on their value above that amount. Landlords and second home buyers are also eligible for the tax cut but will still have to pay the extra 3% of stamp duty they were charged under the previous rules. The savings are still significant.
The announced Stamp Duty holiday is unprecedented saving buyers thousands of pounds. The hope is to boost the flagging property market enabling quicker economic recovery. The Stamp duty holiday has provided an additional incentive to buyers and encourages buyers not to stall their impending purchase but to buy now. The temporary changes have been welcomed, however there is a concern there could be a slump in the housing market at the end of the stamp duty holiday. The changes are also not retrospective so any buyers that completed before 8 July cannot unfortunately take advantage of the savings.
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What a night! We’re over the moon to share that we’ve brought home two incredible awards from this year’s National Landlord Investment Show (NLIS) Awards , held at the De Vere Grand Connaught Rooms in London. Woodstock Legal Services was named "Best Landlord Legal Services Provider" for the fourth year running, and our very own Anna Hughes, Director and Head of Landlord & Tenant , was crowned " Woman in Property of the Year" . Both awards mean so much to us. They reflect the hard work, care and dedication that our whole team puts into supporting landlords and property professionals every day. Anna said: "It was such a special evening. To be recognised alongside so many brilliant people in the industry was an honour, and to celebrate our team’s fourth consecutive win made it even more memorable. I’m so proud of what we’ve achieved together." Alongside our leading expertise in landlord and tenant law, Woodstock offers a full service across residential and commercial property, property litigation, dispute resolution, employment law, family law, private client matters, media and technology, and corporate and commercial law. Our consultancy model gives us the opportunity to attract some of the best lawyers in the sector: experienced specialists who work seamlessly with our in-house team. This blend of insight and collaboration allows us to offer clients a well-rounded service, particularly in landlord and tenant matters where our consultants and core team work closely together to deliver clear, practical and jargon-free advice. Carly Jermyn, Managing Director of Woodstock Legal Services, commented: "It was such a proud moment for all of us. Awards like these are the result of genuine teamwork and the relationships we’ve built with our clients over the years. Seeing Anna recognised in this way was the highlight of the evening – she’s an outstanding lawyer and leader, and we’re lucky to have her." We’re so proud of what we’ve achieved – and so grateful to every client and colleague who’s been part of the journey. Here’s to another year of doing what we love and continuing to bring a fresh approach to law.