If you are considering moving home or staying where you are and improving, then there may well be a useful financial incentive that you can take advantage of. However these initiatives will not be around for long, so it is worth knowing the details, then you can take advantage if at all possible.
If you are planning to buy a property and move home then this could be a great time, as if you purchase a residential property as your main home before the 31st March 2021 for less than £500,000 you will not have to pay any Stamp Duty Land Tax at all. Stamp Duty is a tax that becomes payable upon purchasing a property. There are not many things in this life that are tax free, so this is really superb saving to make. We have had many clients bring forward their moving plans from 2021 and 2022 to take advantage of this potentially huge saving. As an example if the purchase price of your new home was £500,000, then there would be no stamp duty to pay and it would be a saving of £15,000.
Alternatively if you have no plans to move, but are considering improvements at home, then you may be able to take advantage of a Home Improvement Grant. Homeowners could receive a voucher from the Government that covers two thirds of the cost of allowable improvements up to a maximum value of £5,000. Although some households who meet a specific criteria could be entitled to a voucher for upto £10,000 to cover the entire cost of the improvements. The grant must be used to install one of two “primary measures”, either insulation or low-carbon heating. Provided either insulation or low-carbon heating has been installed, the voucher can also be used to cover a range of “secondary measures”. These include draught proofing, replacing single glazing with double or triple glazing, external energy-efficient doors, heating controls and hot water tank thermostats and insulation. You cannot spend more on these secondary measures than on the primary measures. The deadline for redeeming the voucher, is the same as the stamp duty incentive, March 31 2021.
If you are thinking of selling or letting a property in Bury and the surrounding areas, please don’t hesitate to give me or my colleagues a call on 01617611215 or call in and see us in our Market Street, Bury town centre office, we would be delighted to be of service.
