Release date: Nov 2008

In an effort to boost the residential property market the Government announced as of 3 September 2008 that there will be a temporary exemption from Stamp Duty Land Tax on acquisitions of residential property worth not more than £175,000.

In order for the exemption to apply, the acquisition must:

• Consist entirely of residential property. In other words, the property must not be of mixed use.
• Be for a chargeable consideration of no more than £175,000

The exemption will only be available where the effective date of the land transaction (usually the date of completion) is on or after 3 September 2008 and before 3 September 2009.

The exemption does not apply to commercial properties or mixed use properties which will continue to be assessed on the following rates:

• Chargeable consideration does not exceed £150,000 - 0%
• Exceeds £150,000.00 but not £250,000 - 1%
• Exceeds £250,000.00 but not £500,000.00 - 3%
• Exceeds £500,000 - 4%

If you have any queries regarding stamp duty, please contact Malcolm Woolfe on 01325 466461 or malcolm.woolfe@close-thornton.co.uk.

BACK