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Chancellor announces cut in Stamp Duty

A further boost has been given to the housing market with Chancellor Rishi Sunak announcing today a cut in stamp duty in England and Northern Ireland.

With immediate effect until the 31st March 2021 the threshold at which the tax will be charged has been temporarily raised to £500,000, and could mean nearly 9 out of 10 people getting on or moving up the property ladder not having to pay any stamp duty at all.

Head of Residential at Fosters Rebecca Laws, commented: “This will save many people thousands of pounds on their purchase, up to a maximum of £15,000 – a really welcome piece of news and boost to the industry.

“We have already started to update our current clients on how this affects their situation – and we are also able to take new enquiries and offer quotes to those who would like to investigate what this could mean for their property purchase or sale.”

Further information and guidance can also be found on the Government’s website.

How we can help you

If you would like to discuss how we can help you with your legal property enquiry at this time, please do get in touch with our Residential Property Department by calling 01603 620508.

We are also able to provide a no-obligation quote – so do please contact us today to see how we can support you with our range of legal property services, which include providing help to buy or sell your home, re-mortgage or transfer the equity in your home.

More information, including current Covid-19 precautions required for those thinking of moving house at this time can be found on the Government’s website.

This article was produced on the 8th July 2020 by our Residential Property team for information purposes only and should not be construed or relied upon as specific legal advice.