Rishi Sunak is preparing to extend the stamp duty holiday by three months until the end of June in an attempt to keep the property market firing as Britain emerges from lockdown.

Source: The Times

Date: 24 Feb 2021

In July last year the government exempted most buyers from the levy if they completed their purchase before March 31, 2021. The holiday enables people to save up to £15,000 in tax. The chancellor has faced pressure to extend the deadline amid concerns that it would create a “cliff-edge”, jeopardising hundreds of thousands of sales.

The Times has been told that Sunak will use his budget on March 3 to move it to the end of June, bringing it into line with the easing of lockdown restrictions. The extension to the policy, which covers sales of properties worth up to £500,000, could cost about £1 billion.

Stay tuned!