THERE was good news for home buyers this week as the tax break - worth up to £2,450 - on property purchases has been extended.

July 1st will become the Welsh stamp duty cliff edge as it follows Westminster and extends the stamp duty holiday.

Partner at tax and advisory firm Blick Rothenberg, Sean Randall, said: “In response to the UK government’s decision to extend the stamp duty holiday in England and Northern Ireland by three months, the Welsh Government has announced they will do the same.

“The first £250,000 of the price paid for a residential property in Wales will continue to be free from Welsh stamp duty provided that the transaction completes before 1 July 2021.”

For transactions completing on or after 1 July 2021, the £250,000 threshold will revert to £180,000.

Welsh ministers have decided not to give a reduced stamp duty holiday.

Sean added: “The 1 July 2021 will become the new ‘cliff-edge’. The Welsh stamp duty holiday is worth up to £2,450. Pressure will now be on the Scottish Ministers to extend their stamp duty holiday, also capped at £250,000 and worth up to £2,100, which is due to end on 31 March 2021.”