It was one of the worst kept secrets in government. Rishi Sunak, the Chancellor of the Exchequer has announced the raising of the Stamp Duty Land Tax (SDLT) threshold to £500K. This is applicable immediately and will run until the 31st March 2021. So, that gives investors 8 months to get their act together and execute property purchases within the England & Northern Ireland.
This tax holiday is only applicable to people buying their main place of residence. Landlords and second homeowners will still be charged the exiting 3% applicable. This has in effect been a halving of the purchasing taxes.
So, if you were looking at investing in a short-let property this action will provide you with an extra £15K to spend on the finer touches around your investment or help with an overhaul. Either way it will enable an investor to target maximising their properties appeal to guests.