The Chancellor has confirmed another stop gap holiday for first-time-buyers only and raised the stamp duty lowest threshold from £125,000 to £250,000 from midnight 24th March 2010 for a period of 2 years. The Chancellor estimates to help 9 in 10 first-time-buyer in providing this holiday. The holiday will be funded by raising a levy of 5% on houses purchased above £1M.
There were calls from many in the mortgage and housing markets to extend the Stamp Duty holiday beyond December 31 2009 and reform the current ’slab’ system where Stamp Duty is charged as a percentage of the total purchase price depending on the value of the property. The government have failed to address this issue of unfairness in the way Stamp Duty is levied across the board.
Wentworth Financial Services Home Page
Follow us on Facebook
