Stamp duty tax break: Is an extension likely?

Stamp duty tax break

After the events of 2020, Move Home Hub is looking ahead to a fresh start in the new year. Although the last twelve months have been challenging for all of us, there was also some positive moments. The stamp duty land tax break was a fantastic way to entice buyers back to the market. As a result, we saw the market boom. The national lockdown sparked people to re-evaluate what they want out of their home, causing an unprecedented demand for housing.

The sudden surge in the market led to a logjam of cases. Due to the sheer volume of transactions, industry professionals struggled to move them through the process quick enough. Before long, delays could be found across the board. As the planned deadline for the stamp duty tax break gets closer, homebuyers and industry professionals alike are concerned that their cases will not complete in time.

For many homebuyers in this position, they are facing a difficult situation. If their transaction does not complete in time, they will no longer be able to afford their purchase. For those relying on the savings afforded by the tax break, the need for completion before the end of March next year is crucial. As a result, many are looking to the government for a postponement of the deadline.

A petition has been published on the official Parliament website, calling for an extension to the stamp duty land tax deadline. The petition states: “Extending the stamp duty holiday for an additional six months will assist many buyers who are looking to move to a property that they will not be able to afford otherwise. This will help to stabilise the housing market.” The signature has over 19,000 signatures at the time of writing. If you are looking to complete your purchase in time to benefit from the stamp duty tax break, you must instruct a conveyancer swiftly.

Contact Move Home Hub today!

At Move Home Hub, we are here to guide you through the process. With a panel of expert conveyancers, we can facilitate a quick and cost-effective service, to give you the best chance of completing in time. Contact us today to find out more about how we can help you!

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