Private landlords and other homebuyers have been reminded that the stamp duty holiday on properties purchased up to £175,000 is soon coming to an end.

December 31st marks the end of the property tax exemption period, which was implemented in 2008 and extended during chancellor Alistair Darling's Budget speech in April this year.

Abbey Mortgages has warned those looking to purchase bricks and mortar in this price range that they need to complete their transactions before the end of 2009 if they are to avoid paying the levy.

Nici Audhlam-Gardiner, director of Abbey Mortgages, suggested that the stamp duty holiday supported the property industry during tough economic times.

However, she added that there could be a "sizeable tax bill"for those who are unable to complete their property purchase before the year is over.

Her company has predicted that up to 35,000 homebuyers are in danger of missing out on the current tax exemption.

Written by Sarah Field

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