The chancellor has announced a temporary holiday on stamp duty on the first £500,000 of all property sales in England and Northern Ireland.

The tax threshold has been temporarily raised until next March to boost the property market and help buyers struggling because of the coronavirus crisis.

The changes have come in with immediate effect.

What is stamp duty?
Stamp duty is a tax paid by people buying properties, although it varies slightly across the UK.

In England and Northern Ireland buyers pay Stamp Duty Land Tax.

In Scotland it is Land and Buildings Transaction Tax, while in Wales buyers pay Land Transaction Tax.

The amount handed to the government depends on where you are in the UK, and the price of the property.

Read more: https://www.bbc.co.uk/news/business-53319433