Tuesday, 25 January 2011

Stamp Duty ‘Hike’ in April causes rush for higher value property

The rate of stamp duty is set to rise from four to five per cent on April 6, meaning that a day could make a difference on high value properties of over £10,000 in tax. It is reported today that this has brought about an increase in buyers looking to purchase homes worth in excess of 1 million. The figures published show 'properties for sale in the £1 million-plus bracket has already undergone a 39 per cent boom this month - and there are 46 per cent more in the above-£5 million category'. The expectation however is that could following April create a vacuum in the market.

At MJP Solicitors we are able to put purchasers in touch with Tax Planners to explore options on possible Stamp Duty reductions. Email Davidpett@m-j-p.co.uk for further details.



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