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Stamp duty removed for £175k homes

  • Published: Tuesday, 2 September 2008

The Chancellor of the Exchequer has announced that stamp duty land tax will not apply to purchases of residential property costing £175,000 or less.

This means that land transactions consisting entirely of residential property, and where the chargeable consideration is not more than £175,000, will be exempt from stamp duty land tax.

Currently (as of 2 September) no stamp duty is payable on residential property sales of up to £125,000. Property sales from £125,001 to £250,000 are charged one per cent stamp duty.

This new annoucement will apply to transactions with an effective date on or after 3 September 2008 and before 3 September 2009.

Cross-government package of housing measures

Also announced today was a major cross-government package of measures to meet current challenges in the housing market.

A £1 billion housing package was announced by Communities Secretary Hazel Blears and will help first time buyers struggling to get onto the housing ladder, support vulnerable homeowners at risk of repossession, and support the house-building industry.

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