Last chance for first time buyers to cash in on tax holiday
First time buyers across Shropshire will have to act quickly if they want to avoid paying stamp duty on a new home, a local estate agent has warned.
Nock Deighton is reminding house hunters across the county that the Government’s relaxation of stamp duty is due to end on 24th March 2012. The ‘tax holiday’, which was introduced during the March 2010 Budget to help people onto the property ladder, exempts first time buyers from paying stamp duty on properties with a value up to £250,000. Hopes that the scheme would be extended by ministers were dashed during the Chancellor’s Autumn Statement last year.
“The relaxation in the rules has been a major boost to first time buyers across Shropshire and has helped reduce the cost of taking that initial step onto the property ladder,” Michael Nettleton, Director of Nock Deighton, commented. “It is unfortunate that the scheme isn’t being extended, but there is still time left for more house hunters in the county to take advantage of the duty free period before the 24th March end date.”
While first time buyers don’t have to pay any stamp duty on property valued below £125,000, as soon as the current exemption ends in March, they will be required to pay a 1% levy on properties valued between £125,000 and £250,000, with this tax increasing to 3% for houses worth more than £250,000.
Founded in 1831, Nock Deighton is one of the Midlands’ most well-established and respected firms of estate agents, lettings agents, chartered surveyors, block management agents, and auctioneers. The company stands at the forefront of the modern property sector by embracing up-to-the-minute technology and industry best practice, and has a firm focus on achieving the very best results through a full range of specialist property-related services and dedicated staff.
