Martin Tolhurst

Changes to VAT and Stamp Duty

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The temporary reduction in VAT will end on 1 January 2010. We assume the VAT Rate will return to 17.5% in line with HM Revenue & Customs advice; the Chancellor should confirm this in his next Budget statement.

New thresholds introduced from 3 September 2008 mean that if you buy property and the purchase price is £175,000 or less you don't pay any Stamp Duty at all.

If it's more than £175,000, you pay between one and four per cent of the whole purchase price. The £175,000 threshold (up from £125,000) will remain in place up to and including 31 December 2009.

After the 31st December 2009, although not yet confirmed, Stamp Duty will will go back to the origional threshold of £125,000.

We are unable to confirm that any Sales or Purchases with us from 1st December 2009 will go through prior to the 31st December 2009.


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