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You may have seen the headlines regarding the changes to Stamp Duty Land Tax (SDLT) announced in the Chancellor’s Autumn Budget on 22 November 2017.First time buyers (FTBs) (i.e. individuals who have not previously bought, inherited or been given a residential property) are immediately eligible to relief from SDLT where they buy a new home valued at up to £500,000.
If you buy jointly with someone else, all of you must be FTBs.
Where the purchase price of the new home does not exceed £300,000, no SDLT will be payable by the FTBs. Where the purchase price is between £300,001 and £500,000, the FTBs will pay SDLT at the rate of 5% on the balance over £300,000 only, so still get the full relief up to £300,000. This represents a saving of up to £5,000 (on a purchase at £300,000).
Should you have any queries regarding this new relief, please do not hesitate to contact our team of experienced and knowledgeable conveyancers.
Need advice? Email us firstname.lastname@example.org