Good news for first-time buyers!
In the Autumn Budget it was announced that, with effect from Budget day (22nd November), there would be no Stamp Duty Land Tax (SDLT) payable for first-time buyers on the purchase of a home costing up to £300,000. For those who are eligible, that is a saving of up to £5,000 in SDLT.
There will also be relief from SDLT for a first-time buyer on the first £300,000 of a more expensive property up to a maximum of £500,000. On the band between £300,000 and £500,000 the SDLT rate is 5%, so on a £500,000 house, a first-time buyer will pay £10,000 rather than £15,000.
To be claimed, the buyer will need to declare that they (and any others purchasing the property) have never owned or part owned a property in the UK or abroad. The property must also be intended to be the buyers’ main home and the relief will need to be claimed in an SDLT return.
The Government predict that these changes will help up to 95% of first-time buyers in England with up to 80% in London.
If you have any questions or need advice about Stamp Duty Land Tax, please get in touch with Sam on 01903 234094 or email email@example.com