A big boost for home movers today!!
Rishi Sunak has announced a cut to stamp duty for houses up to £500,000, effective immediately until 31 March 2021
Stamp duty, the tax on buying land or properties, is being temporarily cut in England and Northern Ireland.
From now until 31 March it will only be charged on properties costing £500,000 or more.
Previously it was charged on properties costing £125,000 or more, except for first-time buyers, who paid nothing up to £300,000 and then a reduced rate up to £500,000.
So this will be a tax cut for first-time buyers looking for property over £300,000 and other buyers going for anything over £125,000 (there are different rules for people buying second homes).