As widely trailed the Chancellor today announced a temporary cut in stamp duty land tax (SDLT)on residential property.
Until 31 March 2021, there will be no SDLT on the first £500,000 slice of property value, creating a maximum saving of £15,000. However, the 3% additional rate will still apply to additional properties. This change means that in England and Northern Ireland nearly 9 out of 10 people getting on or moving up the property ladder will pay no SDLT at all.
Land and Buildings Transaction Tax (LBTT) in Scotland and Land Transaction Tax (LTT) in Wales are set by the devolved administrations in those countries. In the past they have tended to follow changes to SDLT with their own amendments. No announcements had yet been made.
In addition, the Chancellor announced the introduction of a £2 billion Green Homes Grant, providing at least £2 for every £1 homeowners and landlords spend to make their homes more energy efficient, up to £5,000 per household. For those on the lowest incomes, the scheme will fully fund energy efficiency measures of up to £10,000 per household.