Stamp Duty breaks for first-time buyers end soon


First-time buyers need to act quickly if they are to complete buying their first home before the Stamp Duty exemption comes to an end on the 24th March 2012.
Sarah Pottle, Property Team Leader at Midlands law firm Challinors, explains: “First time property purchasers could save up to £2,500 under the relief from Stamp Duty Land Tax introduced by the Chancellor in the 24th March 2010 Budget.
“However, first time property purchases have to be completed by midnight on 24th March 2012, after which the rate returns to one per cent of the purchase price.
“Since the tax-break was introduced, first time buyers purchasing a home for less than £250,000 have not had to pay Stamp Duty Land Tax.
“However, with these benefits due to end in just a few weeks, those wishing to take advantage of the competitive first-time property prices in the current market, and realise the tax savings, need to act quickly. They have to aim for completion of their property purchase before the 24th March, which could save them up to £2,500, depending on the property value.”
Please see the attached press release for more information. The attached jpeg image shows (caption): Challinors’ Property Team Leader Sarah Pottle says first time home buyers should complete their purchase quickly to take advantage of the Stamp Duty exemption that runs out on the 24th March.