First time buyers beware
First time buyer Stamp Duty Land Tax relief ends in March 2012
Where a first time buyer purchases a residential property for more than £125000 but less than £250001 the buyer can currently claim relief from the payment of Stamp Duty Land Tax (SDLT).
If the purchase price is £250000 then currently a SDLT saving of £2500 can be achieved if appropriate application is made by the buyers solicitors.
First time buyer relief was introduced to try to stimulate the property market but was only introduced for a defined and limited period. The relief is due to expire on 24th March 2012 with no transitional provisions.
Therefore first time buyers need to be aware that any purchase of property with a completion date of 25th March 2012 or later cannot benefit from SDLT relief, irrespective of the date of any earlier contract or agreement.
If you seek any further information please contact a member of the specialist property department at QualitySolicitors Bradbury Roberts & Raby