Stamp Duty Land Tax Relief for first time buyers to end soon
Wednesday, February 15, 2012
The budget announced by the Chancellor of the Exchequer on the 24th of March 2010 included the abolishment of Stamp Duty Land Tax relief for first time buyers; this is due to end on the 24th of March 2012.
Currently, first time buyers are not required to pay stamp duty land tax on purchases up to £250,000, potentially saving them £2,500 on their first purchase.
The requirements, to qualify for stamp duty land tax relief are:
- The effective date of the purchase is on or after 25 March 2010 and before 25 March 2012
- The consideration given is £250,000 or less
- The buyer intends to live in the property and it will be their only or main home
- They have not previously owned property or land either in the UK or anywhere else in the world - including property bought with anyone else
In order to avoid paying SDLT, buyers who intend to purchase their first home, must act now.
