Stamp Duty “Disadvantaged Areas” Relief ended on 6th April 2013
HMRC has ended the Stamp Duty Land Tax ‘Disadvantaged Areas’ Relief Scheme for property purchases completed after the 6th April 2013. They have said that it does not encourage people to buy properties in disadvantaged areas in Northern Ireland.
In Northern Ireland Stamp Duty Land Tax is paid at a rate of 1% on purchase transactions were the property value is over £125,000.00 and not more than £250,000.00. If the purchase price was over £125,000.00 but not more than £150,000.00 then the purchaser did not have to pay Stamp Duty Land Tax so long as the property was situated in a designated disadvantaged area. This relief saved a purchaser between £1,250.00 and £1,500.00.
From the 6th April 2013 this relief has been scrapped throughout the U.K., including Northern Ireland, and Stamp Duty Land Tax will need to be paid on properties being purchased at £125,000 and over. For more information on Stamp Duty Land Tax see our FAQ section or send us a query through the Contact section.