Following the Chancellor’s Autumn budget, from 22 November 2017 first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax (SDLT).
If you are a first-time buyer and the property you are purchasing is between £300,000 and £500,000 then SDLT will be payable at 5% on the amount of the purchase price above £300,000. This can mean a reduction of £5,000 compared to the SDLT payable prior to these changes.
A first-time buyer is an individual or individuals who have never owned any interest in a residential property in the United Kingdom or elsewhere. If any person purchasing the property has owned any interest in another property then they would not qualify for the first-time buyer relief. The purchasers must also intend to occupy the property as their main residence following completion of the purchase to qualify for the relief.
First time buyers purchasing for more than £500,000 will not be entitled to any relief either and will pay SDLT at the normal rates.
If you are a buyer and need any further advice please do call one of our Conveyancing team.
Abigail Fairley – Conveyancing solicitor Hanne & Co