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.
Please note the above is for information purposes only and is intended to be a short summary. It should not be treated as a comprehensive guide and should not be acted on without qualified legal advice.
