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.