What Was the 2020 Stamp Duty Holiday?
Back in summer 2020, Rishi Sunak raised the threshold at which buyers had to start paying stamp duty in England and Northern Ireland from £125,000 to £500,000. This meant that almost nine in ten transactions would no longer be subject to stamp duty.
Wales soon followed England and Northern Ireland’s lead with its own land transaction tax changes, raising the threshold from £180,000 to £250,000 until March 31st 2021. However, in Wales, this does not apply to landlords.
Scotland also amended its land and buildings transaction tax, raising the starting threshold temporarily from £145,000 to £250,000. However, there is no stamp duty holiday for second homes.
