As of 1 January 2009 the amount of stamp duty that is to be paid by first time buyers was reduced. The threshold to which the special rate applies has been increased from £300,000 to £400,000 in the maximum value of the property or of the amount borrowed.
The first £300,000 of both the value of the property and the amount borrowed will not now attract stamp duty (save for a nominal amount in respect of registration fees and Jurats stamps) with the balance up to £400,000 being charged at 1% in respect of the value of the property and 0.25% in respect of any borrowing.
Our stamp duty calculators have been updated and can be accessed by following this link.
For detailed advice concerning the above, please contact Martin Le Boutillier
The information and expressions of opinion contained in this guide are not intended to be a comprehensive study or to provide legal advice and should not be treated as a substitute for specific advice concerning individual situations.