SDLT 'Holiday' Nearly Over for First Time Buyers
23 January 2012
In March 2010 Inksters reported on the suspension of Stamp Duty Land Tax (SDLT) for first-time buyers of properties costing under £250,000. This SDLT 'holiday' was only ever planned to last for two years and will end at midnight on 24th March 2012 in just over two months time. First time buyers whose purchases settle from 25th March onwards will have to pay SDLT at a rate of 1% on properties over £125,000.
With the average price paid by first time buyers in Scotland being lower than that in other parts of the UK, the 'holiday' perhaps had less of an effect here; many first time buyers' properties would always have been exempt from Stamp Duty. However, with the difference in tax payable being a potential £2,499 for a property costing £249,900, it is certainly worth bearing the deadline in mind.
If you are considering buying a property and have any questions about the procedures and costs involved, including SDLT, please contact Inksters' Brian Inkster or Louise King who will be happy to advise you.
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