New Stamp Duty Rate for Million Pound Properties
On Budget Day 2010 it was announced that the threshold at which stamp duty becomes payable on homes would be lifted from £125,000 to £250,000 for two years – only for first time buyers.
To fund this initiative a stamp duty land tax (SDLT) rate of 5% will be introduced for purchases of residential property worth £1m or more. This new higher rate becomes effective on 6 April 2011.
If you would like more information regarding SDLT or any other residential property matter please contact us.