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In the Autumn Budget 2017 the Chancellor of the Exchequer announced a relief from Stamp Duty Land Tax for first time buyers of properties with a purchase price of £300,000.00 or less.
For first time buyers purchasing properties above £300,000.00 up to £500,000.00 they will attract Stamp Duty at 5% for the amount in excess of £300,000.00. Thus, amounting to a relief of up to £5,000.00 in Stamp Duty Land Tax.
For purchases of properties over £500,000.00 there will be no relief from Stamp Duty Land Tax.
To qualify for this relief you must be a first time buyer of a property which will be your main residence. This means you must not have had, nor currently have, an interest in any residential property and must intend to occupy the property you are purchasing.
Joint purchasers will only benefit from this relief if both qualify as first time buyers as described above.
This relief is effective from 22nd November 2017 onwards.
It is intended to help first time buyers get their feet on the property ladder. However, there are questions as to whether this will cause house prices to inflate. Only time will tell…
If you would like any assistance with the conveyancing process please don’t hesitate to contact our conveyancing team on 01270 625478.
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