The stamp duty land tax (SDLT) holiday is due to end on 31 March 2021.
The Law Society is concerned that a cliff-edge end to the holiday combined with a bottleneck in the property market could see thousands of transactions collapse at the last minute, leaving consumers stranded and out of pocket.
We’ve identified three different options for addressing this problem, to help improve the situation for consumers who are currently in the process of buying a home. These are:
- extending the SDLT holiday, to allow more time for buyers to complete transactions before the holiday comes to an end
- creating an interim period in which buyers can benefit from a reduced SDLT concession, to help reduce the risk of a significant impact on consumers and the market
- introducing a grandfathering scheme for transactions which have not completed by the cut-off date, so that buyers in transactions that have already progressed significantly by 31 March but which have not yet completed can continue to benefit from the SDLT holiday
To support our campaign, you can write to your MP using our quick online tool, urging them to take swift action to protect home buyers.
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