It is being reported that the Chancellor of the Exchequer is expected to announce a 6 month SDLT 'holiday' this week.
The temporary changes are expected to increase the SDLT threshold for residential properties, from £125,000 to £500,000. In addition, temporary VAT cuts for pubs, restaurants and cafes are also expected to be announced.
The Chancellor's statement is expected on 8 July with the measures to be implemented in the autumn budget. The details of how this will be implemented in practice remain to be seen.
Although this would be a welcome boost for the property market, it is also being reported that buyers may now pause purchases until the details of the changes are revealed in the autumn budget. We look forward to more clarity and certainty on the changes in the near future.
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