The government has announced that for one year, stamp duty tax will not apply to properties worth £175,000 or less.
The Treasury stated that “this will provide an exemption from stamp duty land tax for land transactions consisting entirely of residential property where the chargeable consideration is not more than £175,000.
From 3rd September 2008, the relief will apply to applicable properties until 3rd September 2009..
This announcement ends the speculation from August that the government was considering a stamp duty suspension.
The move is part of a package of measures announced today to aid the housing market. The £1 billion housing package is part of an ongoing programme to prop up the housing market in England.
These measures include:
- Offering first time buyers a £300 million shared equity scheme to help them onto the housing ladder.
- A £200 million mortgage rescue scheme to help those facing repossession to remain in their homes.
- A £400 million cash injection for social housing providers, including registered social landlords (RSLs) to build 5,500 more social housing over the next 18 months.
- Supporting critical regeneration schemes through working with regional development agencies (RDAs).
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