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Take advantage of the stamp duty holiday before it’s too late – but buyers beware

Those looking to buy a home have until March 2021 to take advantage of the Stamp Duty Land Tax (SDLT) holiday, which can drastically reduce the price of buying a home or investment property.

The holiday has increased the SDLT threshold, effectively eliminating the payment of charges on property purchases worth up to £500,000 for first-time buyers and those looking to purchase a replacement main home.  This is considerably more than the previous threshold of just £125,000 and has led to a surge in new home purchases.

The holiday isn’t just advantageous to new homebuyers, as those purchasing second homes are only liable for the additional three per cent additional home surcharge on purchases up to £500,000. For property investors, purchasing a property at the top end of the new threshold could potentially reduce their tax bill by up to £15,000.

Tim Rowe, Senior Tax Manager at Milsted Langdon, said: “The SDLT holiday has offered a fantastic opportunity for those looking to move to a new home or invest in property and become a landlord.

“This has led to a surge in property sales, as families and investors rush to complete sales before the holiday ends. However, homebuyers need to proceed carefully, after all, it may be the biggest purchase of their entire life and leave them with a debt that needs to be repaid over many decades.”

Individuals mustn’t rush into a mortgage without first limiting the risk to their personal finances.

Andrew Hennah, Financial Planning Director at Milsted Langdon Financial Planning, added: “With an uncertain future ahead of us and concerns about rising unemployment and business failure, as a result of the pandemic, individuals buying a home need to consider investing in some form of income protection.

“The variety of products out there is vast, so it pays to seek professional advice to ensure you have sufficient cover.”

If you would like to review the options for protecting yourself then please get in touch with Milsted Langdon’s team of financial planning specialists at

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