Vanessa Hale
Director, Research
Relief granted for First Time Buyers
In effect as of 22 November 2017
Following the Autumn Budget 2017, on the 22nd November, the Chancellor of the Exchequer announced a Stamp Duty Land Tax relief for First Time Buyers (FTBs) in England, Wales (until 1st April 2018 when Land Transactions Tax goes into effect) and Northern Ireland to purchase a residential property for £500,000 or less and provided the purchaser intends to occupy the property as their only or main residence.
FTBs purchasing their first home for £300,000 or less will pay no SDLT and where the purchase price is over £300,000 but does not exceed £500,000 they will pay 5% on the amount above £300,000.
In order to count as a First Time Buyer, a purchaser must not, either alone or with others, have previously acquired a major interest in a dwelling or an equivalent interest in land situated anywhere in the world. If the property is purchased jointly, all the purchasers must meet these conditions.
Read the full report here.