The Wokingham Paper

Reading law firm explains Stamp Duty ‘Holiday’ and its impact on buyers

Luke McMath from Blandy & Blandy Solicitors’ Residential Property team

A Stamp Duty holiday will stimulate property sales in the short term, but could cause complications next year, says Blandy & Blandy.

The leading law firm, which has offices in Reading, has explained the impact of the Chancellor’s mini budget on both buyers and those in the industry.

Announced on Wednesday, July 8, Rishi Sunak confirmed the immediate introduction of a Stamp Duty holiday for those purchasing residential properties before Wednesday, March 31, 2021.  

The changes mean that where in England Stamp Duty Land Tax (SDLT) is normally paid on bought land or property valued at £125,000 or more, those purchasing a main property valued under £500,000 until March 31 will pay no SDLT. Buyers of higher value properties will pay a reduced amount of SDLT, saving £15,000.

Partner Luke McMath, in Blandy & Blandy Solicitors’ Residential Property team, said: A Stamp Duty holiday will no doubt help to stimulate a property market significantly affected by the COVID-19 pandemic and an extended period of lockdown, as well as the resulting ongoing economic uncertainty.”

“However, we are concerned that the step may lead many people to bring forward moves that may have happened later in 2021 and beyond, creating a sharp spike in demand and activity but leaving the market quieter and perhaps below normal levels in the second half of next year.”

For further information or legal advice from the team, log on to www.blandy.co.uk

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