Chancellor Alistair Darling has announced that stamp duty will be scrapped for homes below £250,000 for first-time buyers. Conversely, stamp duty on residential property sales over £1m to increase to 5% from April 2011 which is sure be received with some anger.
Archive for the ‘Stamp Duty’ Category
Stamp duty scrapped for homes below £250,000 for first-time buyers
Wednesday, March 24th, 2010Spring Bounce Official
Wednesday, June 24th, 2009HM Revenue and Customs report a 7% rise in the number of residential properties sold in May, bringing the monthly total to its highest since October ‘08. This follows yesterday’s report by the British Bankers’ Association, claiming a steady six-month rise in mortgage approvals.
Sources: HMRC, BBA and Rat & Mouse
How to avoid Stamp Duty
Friday, June 19th, 2009The Rat and Mouse Property Blog reports a terrific piece in Citywire about how purchasers of £500,000 plus properties can avoid paying Stamp Duty. There are a number of systems, but what they share is a nominal “middle man”… a company that pays “85% of the purchase price”, leases the property to the buyer with an option to transfer the freehold. Because, technically, the property hasn’t actually changed hands, no Stamp Duty is payable. It’s complex, involves lawyers who’ll take up to 50% of the duty saved, but it’s real and according to Citywire, it’s happening.
Sources: Citywire & Rat and Mouse
