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Earlier this month, the chancellor announced a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland until the 31st March next year. The Welsh Government also announced a holiday on the tax paid on house sales for homes worth less than £250,000 until March 31, 2021. Scotland’s equivalent to stamp duty, the Land and Buildings Transaction Tax, is also rising from £145,000 to £250,000 until the 31st March 2021.

The stamp duty savings have led to lots of people asking: Can I still benefit if I’ve already completed a purchase?

As long as you purchased a property from July 8, the Stamp Duty holiday will apply.

If you completed a purchase before this date, the simple answer is no. You will unfortunately need to pay the full tax.

If you haven’t yet completed the payment but have exchanged contracts, you will still benefit from the cut.

The chancellor has come under pressure to allow the measure to be backdated, but it is unlikely this will happen.

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