Stamp Duty (SDLT) – Law Society Campaign

This article was posted on: 22 Feb 2021 By Kate Bower

The Law Society is campaigning for an extension to the 31.03.2021 deadline for the Stamp Duty (SDLT)concessions. It has raised concerns with the Government that over 100k transactions could fail and the housing market may stall.

It has suggested three options:

Extending the SDLT holiday, to allow more time for buyers to complete transactions before the holiday comes to an end.
Implementing tapered transition from the full SDLT holiday to the end of the scheme. Via the creation of an interim period in which buyers can benefit from a reduced SDLT concession. This would help to smooth the cliff edge and 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, 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.

This article can be found at:

https://www.lawsociety.org.uk/campaigns/stamp-duty-land-tax-holiday?utm_source=professional_update&utm_medium=email&utm_campaign=PU-02%2f19%2f2021&sc_camp=5C0FE0D28B474F6BA2EE374CB3EE601B