Stamp Duty Relief for first-time buyers
At last, we have had some long-awaited good news from the budget for the housing market.
Yesterday it was announced that with immediate effect Stamp Duty Land Tax has been ‘abolished’ for first-time buyers for the first £300,000 of a purchase price of up to £500,000.
So what does this mean?
A first-time buyer is someone who:
- has never owned or had an interest in a residential property in the entire world and
- who intends to occupy the property being purchased in the UK as their main residence.
For example, if you are purchasing a property at £275,000 you will not pay any Stamp Duty, provided you can comply with the requirements of being a first-time buyer.
If you are purchasing a property at £400,000 you will only receive relief on the first £300,000 and must pay 5% on the amount between £300,000 and £400,000.
If you are purchasing for over £500,000 you will not be entitled to any relief of Stamp Duty.Back to index