Thousands of first-time buyers face £11,250 stamp duty hike as deadline looms [Yahoo! Finance]
RIGHTMOVE PLC UNSP/ADR (RTMVY)
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Source: Yahoo! Finance
deadline, risking up to £11,250 in extra charges when their purchases complete in April. According to property site Rightmove ( RMV.L ), an average home-mover in England will see an additional £2,500 in stamp duty costs from 1 April. While first-time buyers of homes priced up to £300,000 will still be exempt from stamp duty, those purchasing homes valued between £500,001 and £625,000 will be hit the hardest. This group will face an extra £11,250 in taxes, as the government's stamp duty rules change. Rightmove's data focuses on homes with two bedrooms or fewer — typical for first-time buyers — and priced up to £625,000, which is the current maximum threshold for first-time buyer stamp duty exemptions. However, some buyers will be disproportionately impacted by the upcoming changes. In total, nearly 74,000 home-movers in England are currently in the legal completion process and are expected to miss the 31 March deadline, with their deals set to complete in April. Although the nu
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