Stamp duty holiday to be extended

22 April 2009



A stamp duty holiday on properties costing up to £175,000 is to remain in place until the end of the year, the Chancellor has announced. In his Budget speech, Alistair Darling revealed that 60 per cent of homebuyers would not be liable for the tax as a result of the extension.

"I want to do more to reduce the number of repossessions," he revealed. In September 2008, the threshold at which the tax comes into place was raised from £125,000 to £175,000 and was meant to remain for 12 months. However, Mr Darling said this period would stay until the end of 2009.

Properties which exceed £175,000 will be liable to a charge of between one and four per cent of the whole purchase price. However, by helping out those whose property falls below this band, the Chancellor hopes more can be done to help boost the housing market.

Chris Hardy, partner in the residential property team comments: "This measure can do no harm to the Property market though the number of properties affected by this within Buckinghamshire is quite small."

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