Stamp Duty Threshold holiday announced. For 12 months the stamp duty threshold in England will be raised to £175,000.

Key Fact

The stamp duty holiday for first time buyers expires on 25th March 2012




Stamp duty Threshold holiday announced. No stamp duty payable on house purchases under £175,000 until September 2009 >> Read More

Stamp duty is charged at 1 per cent on properties sold for between £175,000 and £250,000, with the tax jumping to 3 per cent above this level, before rising to 4 per cent on homes worth more than £500,000.

The stamp duty freeze announced in 2008 saves buyers a maximum of £1,750 - and came as the first major move in the attempted autumn relaunch by Gordon Brown, who also announced a range of measures to try and help home owners who face having their properties repossessed because of the credit crisis. Announcing the freeze, Mr Darling said: "We are facing difficult times - we are in a situation where you are facing the combination of the credit crunch with high oil and food prices. We haven’t seen this since the 1930s."

In 2010 a new stamp duty holiday only for first-time buyers was launched in the Budget 2010. This exempted those buying their first home from stamp duty up to £250,000 until 25 March 2012. It only applies to those who have never owned a home before.