News
Campaigners call for tougher laws to protect Stalking Victims
16th May 2012There are currently as many as 120,000 cases of stalking in the UK every year. However, only 2% of the 53,000 cases that are reported to the Police end in criminal convictions. [read more]
Legal Services Board calls for further regulations
15th May 2012Some people may call the United Kingdom a Nanny State, subject to too much red-tape and legislation to understand or to have to consider. However much this may be true in some areas, in the area of will-writing there are calls from professional bodies for further regulation to be put in place to protect consumers. [read more]
Dispute over control
15th May 2012The Court of Appeal has recently given judgment in an anticipated case, providing an important authority on a partys obligation to disclose documents within their control in accordance with the Civil Procedure Rules (CPR). [read more]
First Time Buyer's Relief : Stamp Duty Land Tax (SDLT) on Residential Property
11th January 2012
Thinking of getting on to the property ladder? With house prices at a more affordable level now than for many years, many First Time Buyers are now taking the plunge and grabbing themselves a bargain.
The Government is lending a hand to 'First Time Buyers' in offering them relief on the biggest ancillary expense attributable to purchasing a new home, Stamp Duty Land Tax. Stamp Duty Land Tax is normally charged on all land transactions in the UK. Dependent on the type of property and the value of the transaction, the tax is charged at different rates and has different thresholds. Normally, if you are purchasing a residential property at a price of £125,000 or below, no Stamp Duty Land Tax is payable. Thereafter, tax is payable at a rate of 1% of the purchase price. This rate increases to 2% for purchase prices of up to £250,000.00, 3% up to £500,000.00, 4% up to £1,000,000.00, and 5% on purchase prices above this limit. However, First Time Buyer's relief is available for all first time buyers who complete their purchases before the 24th March 2012 on homes purchased for £250,000.00 or less. Eligibility depends upon a number of conditions, the most important of which is that the Buyer has never owned their own home before. It may not be too late to claim the relief before the 24th March 2012 deadline, even if you are still at the early stages of purchasing your new home. Please do not hesitate to get in touch with Our Conveyancing department here at Gepp & Sons, who would be delighted to assist you. Contact Toni Young on 01245 343999 or youngt@gepp.co.uk alternatively Spencer Davis on 01245 343998 or daviss@gepp.co.uk . The above is not legal advice; it is intended to provide information of general interest about current legal issues.
