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When you buy a property in the UK, you have to pay a certain amount of stamp duty. This is calculated rather like income tax, whereby you pay the rate of tax on the part of the purchase price within each stamp duty tax band.
On 8 July 2020, in response to the Coronovirus pandemic, the government announced a Stamp Duty holiday for the first £500,000 purchase price of a property for sales that are completed before 31 March 2021. On the 3rd March this deadline was extended until the 30th June 2021.
On 1st July the threshold will lower to £250,000 until 30th September 2021 and then from 1st October 2021, the threshold will revert back to £125,000.
The initial stamp duty holiday will end on 30th June 2021
