At John Collins & Partners we like to keep our clients updated on any changes in the law which may affect them. Therefore please find below an update on:
STAMP DUTY LAND TAX – The End of the 2009 Holiday
If you buy a house below £175,000.00 at this present time you do not have to pay any tax.
From the 1st January 2010, you will be required to pay a 1% Stamp Duty Land Tax on property purchases between £125,000 and £175,000. Between £175,000 and £250,000 the tax will remain at 1% and between £250,000 and £500,000 it will remain at 3%.
For example, a property with a value of £130,000, the tax payable from the 1st January will be £1300.00.
There is a possibility of claiming Disadvantaged Area Relief where the price is below £150,000. This means your new property would be exempt from the tax. This is dependent upon the electoral ward in which the property is situated and is assessed on an individual case basis.
There is a possibility that the Government will announce suspension of the 1% tax for a further period.
Do not hesitate to contact us for further information on 01792 773 773 or contact us here
