How the new stamp law rules affect you

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Property buyers could save thousands of pounds thanks to new tax relief announced today by Chancellor Rishi Sunak.Stamp duty is charged to the majority of people who buy a house in England and Northern Ireland. However, he has been accused of slowing the real estate market and discouraging people from buying new homes.

Mr. Sunak temporarily relaxed the stamp duty rules and offered exemptions to property buyers. Those buying properties worth £ 500,000 or less will pay no tax, while those buying more expensive homes will benefit from reduced costs.

This decision aims to revive a real estate market that has collapsed since the start of the coronavirus epidemic. The reduction in stamp duty makes buying property cheaper and we hope it will help the country recover from the pandemic.

The stamp duty holiday will begin immediately and will continue until March 31, 2021. Sunak said nine out of 10 buyers will no longer pay stamp duty.

Based on the average property price of £ 248,000, this would save the typical buyer £ 2,460 in taxes. A person buying a property for £ 500,000 should save £ 15,000.

However, changes to stamp duty should be an expensive way to stimulate activity in the housing market. Currently, the tax raises about £ 12 billion to the public purse each year, a figure that should come under new rules.

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