Stamp duty relief is available for the purchase of a residential property in a disadvantaged area.
This was a measure introduced as part of the Finance Act 2003.
If a buyer purchases a property in a disadvantaged area, then the normal Stamp Duty threshold of £125,000 is currently raised to £150,000, but this will soon end.
The Government has recently concluded:
“there is no evidence to suggest that the availability of this relief encourages ownership in disadvantaged areas.”
Accordingly, disadvantaged area relief will not be available for transactions taking place on or after 6 April 2013.
The assessment of whether or not an area is “disadvantaged” is based on local council wards and there are a lot of disadvantaged areas locally in Chesterfield, including:
- Old Whittington
- Lowgates, Holmewood
- Clay Cross
It is very straightforward to establish whether a property lies within a disadvantaged area via information published online by HMRC.
If you instruct BRM’s conveyancing team in a property purchase now, we will do our very best to complete the matter before the deadline.
If you have a question about Stamp Duty relief or you need help with any other residential property matters, contact us by telephone on 01246 555111 or by email via our contact form