More home buyers in England and Northern Ireland will be liable to pay stamp duty from April 1 due to changes in the tax system. The proportion of first-time buyers needing to pay stamp duty will double, while the percentage of existing homeowners buying a new home as their main residence facing the tax will increase significantly. The changes, which will see stamp duty discounts become less generous, are estimated to add an extra £1.1 billion annually to government coffers.
More home buyers in England and Northern Ireland will be liable to pay the tax when stamp duty changes take effect from April 1.
Overall Zoopla estimates that the stamp duty changes could add an extra £1.1 billion annually in the tax to government coffers. He added: “It’s positive that most first-time buyers will still pay no stamp duty from April, but these changes hit those buying over £300,000 in southern England the most, where buying costs are already high. This will reduce buying power and market activity at a local level.
“In other areas, the impacts will be less pronounced. On the ground, we saw a big uptick in interest from first-time buyers in the last few months as they sought to get ahead of the changes, which will add thousands to the cost of buying a home. He suggested that existing stamp duty relief should be kept in place for first-time buyers, “or better still abolish it for first-time buyers”.
Finance Property STAMP DUTY PROPERTY TAXATION HOME BUYERS ENGLAND NORTHERN IRELAND
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