Stamp Duty on Most House Sales Axed as Emergency Market Resuscitation

By Gary Cutlack on at

One of the many emergency measures introduced in yesterday's mini budget was additional help to get the housing market alive and operational again, with the chancellor cancelling stamp duty on the vast majority of transactions; and getting to be all superhero-like by adding "...with immediate effect."

All home sales under the £500,000 limit now attract zero stamp duty, saving around £4,500 on the average sale and as much as £15,000 on a house sold bang on the upper end of the limit. The £500,000 marker is high enough that approximately 90 per cent of house sales in England and Northern Ireland should be covered, and if you can afford more than that for somewhere to put your cat and your fridge and your modem, you can afford a bit of tax anyway.

The new rules apply until March of 2021, with the teary-eyed staff within the Treasury saying they expect to lose £3.8bn in returns from the sales tax as a result. [Independent]