On the 24 March, 2010 the Chancellor introduced a two year holiday period from Stamp Duty LT for first time property buyers by increasing the stamp duty threshold for purchases of residential property at up to £250,000 where the purchaser or all the purchasers are first time buyers and intend to occupy the property as their only or main home.
The Chancellor also introduced a new rate of 5 per cent for transactions in residential property where the purchase price exceeds £1 million. The new higher rate will apply to residential purchases where the effective date (normally the date of completion) is on or after 6 April 2011.