End of UK tax holiday approaching

In a bid to boost the country's ailing property market and economy, the government recently introduced a holiday on the Stamp Duty Land Tax for first-time buyers.Designed to also help young families and professionals to make a start on the property ladder, the holiday meant that many people were able to cut the cost of buying and moving house.However, from 24 March, this will come to an end meaning that there isn't much time for first-time buyers to avoid paying.Wendy Evans Scott, president of the National Association of Estate Agents, commented: "With only two months remaining, first time buyers must act quickly to avoid paying Stamp Duty Land Tax on their first home purchase."If you're currently in a chain and waiting to complete your purchase then make sure that others in the chain know about the end of the tax holiday too. Good communication with your solicitor can help move the process forward."After the cut-off date, buyers will face a tax of one per cent on house purchases between £125,000 and £250,000. There will also be a three per cent tax on purchases over the £250,000 threshold, which may affect 50 per cent tax rate payers in particular who are looking to invest in a substantial first home.

http://www.50percenttax.co.uk/index/2012/1/26/end-of-uk-tax-holiday-approaching.html