Stamp Duty Land Tax in the Budget
The Autumn Budget removes the charge to SDLT for transactions completed on or after 22nd November 2017 in England, Wales and Northern Ireland buyers on the purchase of a first property, if the purchase price is £300,000 or less. If the purchase price is between £300,000 and £500,000 the first time buyer will pay 5% on the excess over £300,000. This is a saving of £5,000 on what would have previously been paid.
First time buyers purchasing property for more than £500,000 will not be entitled to ANY relief and will pay SDLT at the normal rates.
The legislation defines a first time buyer as someone who has NEVER owned an interest in a residential property anywhere in the world AND intends to occupy the property as their main residence.
This help for first time buyers does not apply to those buying in Scotland and will cease to apply to those buying in Wales on 1st April 2018 due to the devolved power to raise land taxes.
For more information about the contents of the Autumn Budget, click here