The Budget 2010 - How does it affect you?
Published ¤ 24/03/2010 11:01:00
Today the Chancellor, Alistair Darling has delivered his budget for 2010. Here we look at how this pre-election budget will affect our clients.
First time buyers
Stamp duty for first time buyers has been suspended for the next two years on properties worth up to £250,000. This is from midnight tonight.
For properties worth more than £1M a higher rate of stamp duty has been introduced at 5%. This will come into effect from 2011. This is an increase of 1% over the current level, and will mean a minimum of an extra £10,000 in SDLT for every house over £1M.
Support for Mortgage Interest Scheme
If you have lost your job and are struggling with your mortgage repayments, the Support for Mortgage Interest scheme will continue at its higher rate for another six months. This gives income support to unemployed homeowners with mortgage interest payments to pay.
The threshold for Inheritance tax has been frozen for a further 4 years. This means that it is even more important to consider putting any life insurance in trust.
If any of these announcements are likely to affect you, then give us a call to discuss how we can help.
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