Rumoured Changes To Stamp Duty In 2020

Those thinking about buying or selling property will be keen to hear the the reforms to stamp duty land tax (“SDLT”) which the the Chancellor is expected to announce tomorrow on 8 July 2020.

Tomorrow, the Chancellor is due to unveil the latest measures as part of the UK’s Covid-19 recovery. The temporary measures – which are expected to be implemented in the autumn Budget – are intended to stimulate the housing market and help rebuild the UK economy.

It will not be known until tomorrow’s announcement what measures will be put place. However, some suggest that we can expect to see a six month SDLT “holiday”, whilst others report that the SDLT threshold could be raised. Currently SDLT is charged on all residential property sales over £125,000. However, this could be increased to between £300,000 and £500,000.

If true, it would certainly be welcome news to many and one which would provide a real boost to the property market. That said, if a formal announcement isn’t made immediately regarding the date of implementation, there will be much debate among buyers and sellers as to whether exchanges and completions should be delayed in the hope that SDLT savings can be made.  This type of uncertainty is clearly not positive for the market and could have an impact on the current property bounce back.

About the Author

Claire Reynolds is an experienced solicitor and Director in our Totnes Office.

Claire handles a broad range of residential property work for local, national and international clients and has established a strong and diverse client base from whom she receives regular repeat business.

Claire can be contacted on 01803 869803 or