Stamp duty for first time buyers

Stamp duty has been scrapped for first time buyers from 25 March 2010 purchasing for £250,000 or under. This new £250,000 threshold will last for two years and means nine out of 10 people buying their first home will not be liable to pay stamp duty. The move will be partly funded by an increase to 5% in the duty on homes costing £1m or more, which will see buyers of these properties having to hand over a minimum of £50,000 in tax. That change will come into force April 2011.

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