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Properties Articles

What Will The Spring Budget Announcement Bring?

Many speculations have been made regarding the coming announcement of the Spring Budget.

On Wednesday 3rd of March, Chancellor Rishi Sunak will be delivery the Spring Budget, laying out the financial plan for the rest of the year. Due to the dramatic effect the pandemic has had on the economy, some hard choices will most likely be made.

Necessary costs, alike to the furlough scheme, have drained a huge amount of the public finances. One can only assume this will result in relevant tax increases.

One topic that has been continuously debated is the Stamp Duty Holiday deadline on the 31st of March 2021. This tax holiday has allowed buyers purchasing residential homes worth £500,000 or less to see no stamp duty costs. Although, this scheme is supposed to be coming to an end.

However, many have recommended an extension of the Stamp Duty Holiday as many buyers have experienced delays on their property purchases, which could result in their transactions falling through.

Rightmove have suggested that a six week extension could benefit 120,000 to 160,000 transactions in England alone, saving buyers £1billion in total.

Despite this extension, many people may still miss out on this stamp duty tax holiday that could save buyers up to £15,000.