First time buyers to be exempt from Stamp Duty Land Tax
Chancellor Philip Hammond has provided first time buyers with welcome news in his Autumn budget.
As from the 22 November, first time buyers will be exempt from paying Stamp Duty Land Tax (SDLT) for many transactions. The relief will work as follows:
On the purchase of a property up to a price of £300,000, there will be no SDLT payable;
On the purchase of a property with a price of between £300,000 and £500,000, there will be no SDLT payable up to £300,000, and for the “slice” of the purchase price over £300,000, the SDLT rate will be 5%.
Please note that if you are in the enviable position of buying a property for more than £500,000, no SDLT relief is available at all. In those circumstances, SDLT will be payable on the full purchase price.
This has already benefitted many of our existing clients. If you would like to know more, please call us and talk to Adam or Ally and work out how much you could save.