Post-Budget Update
Some of the main points to come out of the Budget which will affect our clients are as follows:
- Stamp Duty Land Tax relief has been introduced for first-time buyers so that genuine first-time buyers will not pay stamp duty on any purchase up to £250,000.00. The person or persons concerned must be genuine first-time buyers. They must not have owned a property before either solely or jointly with another and they must be buying it to live in as their main residence i.e., not as an investment property. If a couple are buying a property and one has not owned a property before but one has then unfortunately they will not qualify for the relief.
- The Inheritance tax nil rate band is currently £325,000.00 and this band will be frozen until the 2014/2015 tax year.
- Capital Gains Tax remains largely untouched but the entrepreneurs relief limit will be increased to £2million for disposals on or after 6th April 2010. Gains qualifying for the entrepreneurs relief are charged at an effective tax rate of 10%. The individual exemption is £10,100.00.
Oldham Marsh Page Flavell are Solicitors in Melton Mowbray.
