The window of opportunity for first time buyers to benefit from relief from stamp duty land tax in transactions with considerations not exceeding £250,000 will close on 24th March 2012.
Stamp duty land tax is ordinarily payable on the purchase of residential property at the rate of 1% for considerations over £125,000 but not exceeding £250,000 (with higher rates of tax applying to considerations over £250,000).
The Budget on 24th March 2010 created a 2 year period within which relief from stamp duty land tax was given to first time buyers where the price paid for a house did not exceed £250,000.
I n a few short weeks that relief will end and first time buyers will again have to find additional sums to meet the tax liability which in the current depressed market conditions is unlikely in many cases to be easily achievable.
The removal of the relief will be another obstacle in the revitalisation of the residential property market.