The Chancellor announced the savings on Stamp Duty (Stamp Duty Land
Tax) available until the end of March next year. This is likely to give the
market quite a boost. As the purchase process can take some months,
you would need to move quickly to secure that saving. If you buy a
residential property for £500,000 before March next year, you will have
saved £12,500. If it is a buy-to-let property that you buy for £500,000 you
will have to pay the extra 3% Stamp Duty on additional properties (£15,000
on a property bought for £500,000) but you will still have saved £12,500
on a £500,000 purchase. Also, the Stamp Duty Holiday can benefit those
looking to gift a property, or part of a property, to a family member and avoid
the Stamp Duty that could otherwise be payable.
Note: The current rush motivated by the Stamp Duty Holiday is likely to turn into
a slump come April next year.
Strategically, therefore, with a Boom and Bust possibility on the horizon, if you need your
property to value as high as possible for a sale or a remortgage or a Lifetime Mortgage,
it is probably best to do it in the next several months.
