SNAP UP STAMP DUTY SAVINGS! Sheffield solicitor Ashton Morton Slack suggest.

SNAP UP STAMP DUTY SAVINGS BEFORE THE END OF THE YEAR
Home buyers can still take advantage of savings

Sheffield law firm Ashton Morton Slack is highlighting the fact that the additional Stamp Duty Saving introduced by the Government in 2008 is due to end on 31st December 2009.

Any residential property with a purchase price of £175,000 or less is currently exempt from Stamp Duty Land Tax (SDLT).

Explains Stephen Williams, head of private client at Ashton Morton Slack: “This initiative was introduced to encourage first time buyers and boost the slowing housing marketing but as of 1st January 2010, the SDLT exemption limit will go back to its original level of £125,000. Any residential property with a purchase price of £125,000 or less will be exempt from SDLT.

“Anyone looking to purchase a new home priced between £125,001 and £175,000 can certainly make savings over the next couple of months if they are able to complete on or before 31st December 2009.

“From our experience, it normally takes between six and eight weeks to complete a house purchase so there’s still time for home buyers to take full advantage.”

Concludes Stephen: “If completion takes place after 1st January, however, SDLT at various rates according to the purchase price will be payable to HM Revenue & Customs. For more information on SDLT rates, home buyers can visit www.hmrc.gov.uk/sdlt/rates-tables.htm#1.”

Please contact Liam Grady on 0114 228 6017 for a conveyancing quotation or to visit ashtonmortonslack.co.uk click here