Stamp Duty 'Holiday'

I've just been reading an article about Rushi Sunak's speech on Wednesday (8th July) which is expected to announce a big change on STAMP DUTY, in a bid to stimulate the house buying market and have a knock on effect to the rest of the economy.

Stamp Duty is a tax on property which is payable on purchases above ￡40,000 and differing thresholds. The rate varies depending on whether its residential, a 2nd home or an investment property.

It is expected that from the Autumn budget the threshold cuold be raised as high as ￡500,000 meaning most home buyers won't pay any stamp duty.

There is also the potential to not pay any stamp duty on vacant land to stimulate the house building sector, in line with the PM's 'Build It, Build It, Build It' speech from last week. The measures are expected to be in place for a year!

So if you're looking to get on the property ladder, or buy a new home watch out for Wednesdays announcement, it could be a signinficant game changer for 365 days!