Stamp Duty Land Tax holiday for first time buyers pledged by Labour

Wed, 29 Apr 2015

Stamp Duty Land Tax holiday for first time buyers pledged by Labour
With the upcoming election, one of the major points on everyone's tongues is the issue of housing. Labour have pledged to get rid of stamp duty land tax for first time buyers if they win the election.

When buying a home, should a Labour government be elected in, over the next three years, first time buyers will not have to pay stamp duty land tax on the property if it is valued under £300,000.

Stamp duty land tax is the tax that is paid, judged by a percentage gradient, on property purchases. By alleviating this tax for first time buyers, it is hoped that it will make getting the first step on the property ladder much easier.

This tax holiday has been proposed to last for three years, hopefully giving a boost to the housing market. Ed Miliband commented "There's nothing more British than the dream of home ownership" (apart from the dream of a non-rainy Summer) but this is out of the reach of millions of young people across the UK.

Stamp duty land tax can be up to 12 per cent of the property price extra, but only on the most expensive of homes. On homes up to £125,000 however, no stamp duty land tax has to be paid, and then the next £125,000 increase in value is only taxed 2 per cent.

It is possible that this holiday will not have a huge effect on the purchases of many first buys by much in the grand scheme of things, but it will help a few save a few thousand pounds, which means a lot in an economy where saving a deposit is one of the most difficult obstacles to overcome when buying a home.

The way Labour have proposed they will be able to afford this is by cracking down on private landlords who are avoiding tax. It has been calculated by HMRC that this tax avoidance costs more than £550 million per year. Tightening controls with a register, Labour claims they will raise £100 million.
add to favouritesnewsletterlink to this pagesend to friendpost comments

Link to this page

Copy and Paste the following HTML into your page.

Note: For a free no obligation chat with an independant mortgage specialist about your requirements please complete ourmortgage enquiry form below.

Mortgage, Remortgage or Buy-to-Let Mortgage Enquiry Form

Stop Press: Find the perfect mortgage!
Lending criteria has been relaxed and our specialists can find you great mortgage offers to compare.
Our team do all the work to find you the best offer
We'll help you find the best mortgage for your needs and ensure that everything runs as smoothly as possible.
Deposits required are again falling
The cost of the best deals has dropped recently for those borrowing either 80%, 85% or 90% of their property's value
Independent, searching the whole market
With 1000's of mortgage products available our mortgage brokers will source the mortgage that suits your situation.
Please complete this quick, free enquiry form.


Your Details

Home Buyer Guides

Home Buyer News

Speak with an independant mortgage specialist

About Company is part of the SFN Network of websites. Sitefinders Net Ltd is a U.K based company setup in 1995. Our core business is the development of online businesses using the generic domain name concept. We have a growing portfolio of websites in many different industries such as electronics, finance, retail, seasonal and health.

Privacy Policy

Get in Touch