Stamp duty was brought in as a tax on land and property transactions by the Labour government in 2003.
How much stamp duty a person pays on a property purchase depends on the purchase price.
Due to a global pandemic, the Chancellor is lifting the tax rule until at least March 2021. This is to encourage properties being purchased in the UK and will save everyone between £1,500 – £35,000 on stamp duty.
This is beneficial for the economy as more properties will be purchased so more money is being pumped into the economy. This is crucial in the current climate as the economy is declining rapidly due to none essential business’s not producing turnover.
An increase in property acquisition combined with developers building new property, will certainly keep the economy safer from depression.
Rightmove has reported that 49% more enquiries on properties between £400,000 and £500,000.
Please see the link below for more information and as always, contact our office and speak to any of our expert advisors;