Breaking News 8 July 2020: Cut to Stamp Duty

The long wait and very overdue kick start to the property market has now been announced by the chancellor Rishi Sunak. The Stamp Duty change is due to come in to effect immediately meaning that not only first time buyers will continue to benefit from Stamp Duty reliefs to enable them to access the property market, but everyone will benefit from the new exemption.

This is possibly one the most beneficial changes to Stamp Duty since the mad rush in 2016 when stamp duty was £0.00 for some first time buyers.

To help Bradley Bernett has prepared some general questions and answers to offer some assistance to clients, agents and brokers.

When will the change take effect?

With immediate effect, however, it is likely to in reality take a few hours for updates to take effect to those calculating Stamp Duty for those who are completing today.

When will the change be stopped?

Chancellor Rishi Sunak has stated that the new scheme will run until 31st March 2021

Do I need to do anything to ensure that I am eligible for the change?

Nothing is required to be provided by you as the client, and we as your lawyers will be in touch with any additional documentation that is needed.

Who is eligible for the saving?

Early indications set out that everyone is eligible subject to meeting eligibility criteria set by the government.

New build purchasers

It is not clear or evident if you are required to complete prior to the 31st March 2021 or if an exchange within the time period will mean you are eligible. Likewise, if an exchange of contracts has taken place prior to today, it again is unclear if you can claim the relief.

Does the relief apply to a property that has already exchanged but not yet completed?

The legislation has been cleared up to confirm that the date of completion is when the contract if substantially fulfilled which means that if you exchanged prior to the 7th July 2020 but complete after the 7th July 2020 you will be eligible for the reduction in the stamp duty.

If you have any further question and or require further assistance please do get in touch with the property team on 0208 363 4444

 

Please note that our briefings are for informational purposes only, and do not constitute legal advice.

testimonials

GET IN TOUCH

Any data that you submit using this web form will be held by our firm as Data Controller and will be held securely for 12 months before being securely and confidentially destroyed.
Find out more
Your data will not be disclosed to any third parties without your consent or as otherwise allowed by the relevant Data Protection legislation and will only be used for responding to your query (or purposes associated with that purpose).

You have the right to be informed about what data we hold about you along with other rights set out in the legislation. Further information about your rights under the data protection legislation can be found at www.ico.org.uk

Full details can be found here

Please let us know your name.
Please enter a valid phone number
Please let us know your email address.
Invalid Input
Please select an office
Please let us know your message.

testimonials

GET IN TOUCH

Any data that you submit using this web form will be held by our firm as Data Controller and will be held securely for 12 months before being securely and confidentially destroyed.
Find out more
Your data will not be disclosed to any third parties without your consent or as otherwise allowed by the relevant Data Protection legislation and will only be used for responding to your query (or purposes associated with that purpose).

You have the right to be informed about what data we hold about you along with other rights set out in the legislation. Further information about your rights under the data protection legislation can be found at www.ico.org.uk

Full details can be found here

Please let us know your name.
Please enter a valid phone number
Please let us know your email address.
Invalid Input
Please select an office
Please let us know your message.

AWARDS & ACCREDITATIONS