The SDLT holiday has been a welcome break for many homebuyers and home movers during the course of the pandemic, and has ultimately allowed the property market to stay somewhat open.
The deadline is 31st March 2021, and the current rules state that any transactions which are to benefit must complete by this date. However, Right Move has estimated that if the stamp duty land tax (SDLT) holiday extension takes place up-to 160,000 transactions could benefit from the tax saving. If 160,000 transactions were successful, it could save buyers £1bn in tax.
The extension would also mean the vast majority of sales that were agreed by the end of 2020 would complete in time to save on stamp duty. An estimated 412,000 sales are still currently in the legal process were agreed last year across Great Britain.
On balance though, there are some downsides to this proposed extension. Which include increasing an already pressurised workload for conveyancers for a longer period. In addition, consideration needs to be given to the long-term effects on the economy and its recovery.
For all of your conveyancing needs, please contact a member of our team for any advice and assistance.