Important

Stamp duty land tax holiday ends 31 March 2021

For residential conveyancing transactions, unless there is a contrary announcement by the UK government, the Stamp Duty Land Tax holiday will end on 31 March 2021 (cut-off). This means that the Stamp Duty Land Tax (SDLT) payable on completion would revert to the rules applicable before the holiday and overseas buyers would also be subject to a new further 2% SDLT. This will mean that SDLT for transactions with legal completion after the cut-off, may have much higher SDLT payable compared to during the holiday period.

In order for any transaction to proceed expeditiously, all the relevant parties would need to co-ordinate and work with each other efficiently. Although all of us at Lu Oliphant will be working at full capacity to seek to meet any time limit, it would not be possible for us to provide any guarantee. We will continue to provide you with regular updates and report on progress in any event, and client buyers with active transactions during this period will be provided with the estimated SDLT payable should the matter complete after the cut-off and will need to suitably prepare the additional funds for completion if applicable.

We thank you in anticipation of your understanding.