Introduced by Chancellor Rishi Sunak on 8 July 2020, the holiday saw tax rates on transactions of properties up to £500,000 in England and Northern Ireland cut to 0% to stimulate the housing market during the worst of the pandemic.
From 1 July 2021, the holiday will enter an interim period in which the zero rate will apply to properties valued up to £250,000. This will be the case until 30 September 2021, after which time rates will revert to their ‘normal’, pre-pandemic levels.
Here is a detailed breakdown of the rates:
| Residential property price | 8 July 2020 to 30 June 2021 | 1 July 2021 to 30 September 2021 | 1 October 2021 onwards |
| £0-£125,000 | 0% | 0% | 0% |
| £125,001-£250,000 | 0% | 0% | 2% |
| £250,001-£500,000 | 0% | 5% | 5% |
| £500,001-£925,000 | 5% | 5% | 5% |
| £925,001-£1.5m | 10% | 10% | 10% |
| More than £1.5m | 12% | 12% | 12% |
For advice on all Stamp Duty matters, contact our Tax Partner Damian Evans in our Cardiff office on 02920 713800.