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 is a leading and established firm of solicitors based in York specialising in commercial, residential property law and life planning.
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