The Government have announced plans to help kick-start the UK property market by easing legislation concerning the higher rate of Stamp Duty Land Tax (SDLT) purchasers are required to pay on acquiring a second dwelling.
Whilst this comes as good news for many, many are now worried that they won’t be able to sell their current property within the current relaxed window. However, this is widely received as a welcome change to the usual SDLT protocol that saw purchasers only being refunded the higher rate of SDLT if they sold their original dwelling within three years of acquiring their new home.
This measure is being put in place largely due to the advice given again marketing properties between 26 March and 13 May 2020. Now that COVID-19 restrictions are beginning to ease, the Government are formulating ways to encourage property purchasing. This includes them currently reviewing those who are unable to sell their previous residence within three years due to “exceptional circumstances” out of their control. These exceptional circumstances will include the impact of coronavirus, as well as any action taken by a public authority that may prevent the sale of a property.