Relief granted for First Time Buyers
In effect as of 22 November 2017
Following the Autumn Budget 2017, on the 22nd November, the Chancellor of the Exchequer announced a Stamp Duty Land Tax relief for First Time Buyers (FTBs) in England, Wales (until 1st April 2018 when Land Transactions Tax goes into effect) and Northern Ireland to purchase a residential property for £500,000 or less and provided the purchaser intends to occupy the property as their only or main residence.
FTBs purchasing their first home for £300,000 or less will pay no SDLT and where the purchase price is over £300,000 but does not exceed £500,000 they will pay 5% on the amount above £300,000.
In order to count as a First Time Buyer, a purchaser must not, either alone or with others, have previously acquired a major interest in a dwelling or an equivalent interest in land situated anywhere in the world. If the property is purchased jointly, all the purchasers must meet these conditions.
Read the full report here.