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Currently if you are buying a residential property as your main residence for a price not exceeding £250,000 and you are a first time buyer, you may not have to pay Stamp Duty Land Tax on the purchase price. This concession expires on 24 March 2012, with the effect that, any purchase with an effective completion date of 25 March 2012 or later cannot benefit from the relief, even if the contract for the purchase of the property is dated before that date. The relief gave a saving of £2,500 on a house purchase of £250K.
As from 25 March 2012 the usual threshold of £125,000 for 1% Stamp Duty exemption will remain in place for all home buyers. For house purchases of £125,000 up to £250,000 1% Stamp Duty is to be paid.
Please contact a member of our Conveyancing Team on 01306 880110 if you require further information.