New buy scheme takes over the stamp duty holiday

March 26, 2012

CIA Let Property Blog

The stamp duty holiday for first-time buyers has now ended so they will now join in with others and pay 1% tax on properties worth more than £150,000

The BBC have reported saying that the Government have changed back to the original 1% tax for first-time buyers because the holiday had been ineffective in helping people to buy.

The Government now think that the new buy scheme will get Britain’s first time buyers onto the property ladder.

When the stamp duty holiday was introduced back in 2010 it made savings of up to £2,500 for first-time buyers for homes worth up to £250,000.

In the new budget the Government announced a 7% rate on homes over £2m and they want to stop stamp duty avoidance for property buyers at the higher end of the market.

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