A reminder that after 24th March 2012 first time buyers will no longer be able to claim stamp duty relief.
Stamp duty will therefore become payable again on all properties costing more than £125,000.
Stamp duty is a lump-sum tax to which anyone buying land or property costing above a set threshold is liable but first time buyers have, since March 2010, been able to claim exemption on the 1% stamp duty payable on properties costing up to £250,000. After 24th March, however, this exemption will no longer apply.
Hopes of the concession being extended beyond this date were dashed during the latter part of last year when the Chancellor George Osborne confirmed in his autumn statement that the tax would resume as normal in March of this year.
If you are selling or buying a property please contact one of our property lawyers on 0845 604 2847 or click here to fill in our contact form.