cooke painter ltd. news

In order to boost the housing market the Government announced earlier this month that as from 3rd September 2008 until 3rd September 2009 anyone purchasing a property during this period for less than £175,000.00 will not be liable to Stamp Duty. Thus giving the first time buyer the opportunity to purchase a property without being liable to Stamp Duty. Prior to 3rd September 2008, the threshold for when stamp duty became payable was £125,000.00.

If the purchase price exceeds £175,000.00, but is less than £250,000.00, Stamp Duty will be payable at 1% of the full purchase price.

The rate for stamp duty where a property exceeds £250,000.00, but is less than £500,000.00 remains unaltered at 3%, and for a property over £500,000.00, the rate remains at 4%.

Howevever, if you are in any doubt as to the stamp duty payable it is advisable to seek legal advice