Ben Gurluk, Partner

Rishi Sunak’s announcement that Stamp Duty Land Tax (SDLT) is being reduced until 31 March 2021 is a welcome boost for the property market.

The SDLT cut will take effect immediately and no SDLT will be paid on the first £500,000 of the purchase price provided that the buyer owns no other residential property anywhere in the world.  The new rates apply whether you are buying your first home or have owned property before.

There will also be a saving for purchases of additional properties; the 3% surcharge still applies but buyers will pay less SDLT overall.

SDLT is payable upon completion, so buyers part way through a transaction will be able to benefit from the temporary rules.

It will be interesting to see if the changes lead to increased activity.   If you would like advice on any aspect of property law, please contact the partner at Hunters having responsibility for your legal matters, or (for new enquiries) please contact a member of our Property team.