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Help for first time buyers

03/09/2008

Help for first time buyers

No Stamp Duty payable on houses valued at £175,000 or less.

The Government has announced that the threshold for payment of Stamp Duty Land Tax will increase. This change to stamp duty has been made as part of a package of new measures to support the housing market and will take effect from 3rd September 2008.

Stamp Duty will not apply to purchases of residential property of £175,000.00 or less. The previous threshold was set at £125,000.00.

This is a temporary exemption and will expire on 3rd September 2009.

The exemption applies to the acquisition of major interests in land and will not apply to the grant of a lease for less than 21 years or the assignment of leases with less than 21 years to run.

As the exemption applies to residential property only, property which is partly residential and partly non residential does not qualify for the exemption.

The current temporary thresholds for payment of stamp duty for residential property are:

  • 0-175,000.00 nil

  • 175,001.00 – 250,000.00 1%

  • 250,001.00 – 500,000.00 3%

  • 500,001.00 and above 4%