| UPDATED: 08:14, Thu, Jan 21, 2021
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Stamp duty land tax has been suspended since July in a bid to drive sales and keep the property market afloat during the pandemic. The so-called stamp duty holiday has seen Brits save thousands of pounds buying homes in recent months, however, the end of the holiday is fast approaching. Anyone who buys a house or land for less than £500,000 does not have to pay property tax, so long as purchases are completed between July 8, 2020, and March 31, 2021.
House prices reach £250k as stamp duty holiday drives record growth whatmortgage.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from whatmortgage.co.uk Daily Mail and Mail on Sunday newspapers.
STAMP DUTY could be scrapped, according to new reports, despite fears the SDLT holiday would come to an abrupt end on March 31. Campaigners and industry experts have been calling on Chancellor Rishi Sunak to extend the deadline in light of the most recent national lockdown.
| UPDATED: 15:28, Mon, Jan 18, 2021
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Rishi Sunak is being urged to consider scrapping both council tax and Stamp Duty and replacing both charges with a national property tax instead. Council tax is currently calculated based on property valuations from 1991, and charities and politicians are arguing the Stamp Duty and council tax systems are out of date.
Only 29 percent of home buyers named the SDLT holiday as an incentive for purchasing property.
But many experts are claiming the property market will drop off once the holiday ends in March.
Property expert for MovingHomeAdvice.com, Russell Quirk said the research proves that the stamp duty holiday is not the only thing underpinning the market.
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He said there will not be a “catastrophe” once the holiday ends and the market will remain strong.
He said: “Whilst agents may be screaming at Mr Sunak on the TV, pleading for him to extend the tax relief, they should take comfort in the fact that it appears the market will stay strong regardless.