Changes to Stamp Duty Land Tax (SDLT)
As had been rumoured for a while now, the Chancellor Rishi Sunak announced in his financial statement of the 8th July 2020 to temporarily reduce the amount of SDLT due on the acquisition of residential property, by increasing the nil rate band from £125,000 to £500,000 with immediate effect until 31 March 2021. Our Head of Property, Nicholas Maestri, provides an update.