Many first time buyers exempt from Stamp Duty
Chancellor exempts many first time buyers from Stamp Duty and introduces a new higher rate for properties over £1m
In order to boost the housing market the Government announced that until 24th March 2012 first time buyers of properties below £250,000 will not be liable to Stamp Duty.
For those people who already own a property, a purchase of up to £125,000 will also be exempt and properties between £125,001 and £250,000 will be subject to Stamp duty of 1%.
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%. A higher rate of 5% has been introduced for properties over £1m.
However, if you are in any doubt as to the stamp duty payable it is advisable to seek legal advice