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In his latest Budget on 3rd March 2021, Chancellor of the Exchequer Rishi Sunak announced a tapered extension of the stamp duty payment holiday he first introduced last July.
Mr Sunak said: “The cut in stamp duty I announced last summer has helped hundreds of thousands of people buy a home and supported the economy at a critical time. But due to the sheer volume of transactions we are seeing, many new purchases will not complete in time for the end of March.”
“So I can announce today the £500,000 nil rate band will not end on the 31st of March. It will end on the 30th of June.”
“Then, to smooth the transition back to normal, the nil rate band will be £250,000, double its standard level, until the end of September.
“And we will only return to the usual level of £125,000 from October the 1st.”
This extension is not a total surprise but will no doubt be welcomed with relief by many home buyers who might ordinarily have struggled to comply with the original 31st March deadline.