Stamp Duty Holiday Ending

by Kidd Rapinet on February 16, 2012

Currently, first time buyers are exempt from paying Stamp Duty on house purchases up to £250,000, but from March 25th, all home buyers will face a one per cent tax on house purchases between £125,000 and £250,000, and a three per cent tax on purchases over £250,000. But the exemption is coming to an end, and first time buyers have until midnight on March 24th to complete the purchase of their new home and avoid paying any Stamp Duty.

First time home buyers need to get a move on if they want to avoid paying stamp duty, or so says Fozia Khan a solicitor in the Property Dept. at Kidd Rapinet’s Slough office; “Buyers have now only a limited amount of time left. The stamp duty holiday allows any first time buyer buying a home worth up to £250,000 to pay no tax on the purchase.”

The exemption was introduced in March 2010 by the Labour government to try to generate some life into the property market at the bottom end.

Fozia Khan comments: “Considerable sums of money are at stake. It seems senseless to miss out on the saving. So, we are urging buyers to get their act together now, and complete their purchase by 24 March. And bear in mind that 24 March is a Saturday, so practically everything needs to be tied up by the Friday.”

If you feel you may need advice Kidd Rapinet can advise you. Call Fozia Khanon 01753 532541 for further information.