A temporary Stamp Duty Land Tax (SDLT) relief measure has taken immediate effect in England and Northern Ireland after being announced by Chancellor Rishi Sunak in his summer economic statement.
The measure has been introduced by the Government to try and bolster the property market, which has been struggling in the wake of the COVID-19 outbreak.
The temporarily loosening of the rules means that those purchasing residential properties worth £500,000 or less will pay no SDLT. The SDLT payable on purchases of more expensive homes will also be reduced as a result.
Running until 31 March 2021, the SDLT 'holiday' is intended to save homebuyers thousands of pounds and the Treasury estimates that nine out of every ten house purchasers will pay no SDLT thanks to the change.
The Chancellor also announced in his statement that vouchers worth up to £5,000 would be made available for homeowners to invest in energy-efficient home improvements.
Further information on the changes can be found on the GOV.UK website.