Stamp Duty Land Tax Changes – First Time Buyer’s Relief

Following the recent budget announcement, if you, and anyone else you’re buying with, are first time buyers of a residential property you can now claim relief on purchases:

  • made on or after 22 November 2017
  • where the purchase price is no more than £500,000

You will pay:

  • 0% on the first £300,000
  • 5% on the remainder up to £500,000. Further guidance about Stamp Duty Land Tax: relief for first time buyers is available online.
  • If the purchase price is more than £500,000 you can’t claim the relief and must pay the standard rates on the total purchase price.

 

Guest Walker
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