Chancellor Rishi Sunak has extended the stamp duty holiday by three months in the Budget delivery today (March 3), in an attempt to mitigate the impact of the latest coronavirus lockdown.
The new deadline will be now be the 31st of June.
The move is welcomed with relief by many home buyers who were left scrambling to complete their transactions before the deadline of March 31, or they would be left with a £15,000 tax bill.
The Treasury announced last year that it would temporarily raise the stamp duty (Stamp Duty Land Tax – SDLT) threshold from £125,000 to £500,000 for property sales in England and Northern Ireland.