Good news!
From the Chancellor's Budget announced today there will be a two year stamp duty land tax relief for first time buyer's for residential property purchases up to £250,000. To pay for this there is an introduction of an additional 5% rate of stamp duty land tax for residential property over £1,000,000 from 2011-2012. There has been an extension of the freeze in the inheritance tax allowance of £325,000 until 2014 - 2015.
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