Residential Property

Stamp duty abolished for First-Time Buyers for properties up to £300,000 outside London

November 23, 2017

The Chancellor Philip Hammond in the Autumn Budget 2017 announced stamp duty land tax relief for first-time buyers to help them get on the property ladder.

From 22 November 2017, stamp duty land tax will be abolished for first-time purchases up to £300,000 outside London and the existing rate of 5% will apply between £300,000 and £500,000. The relief will not apply to properties above £500,000.

Moving Home 1 Ss 445007185 Hr

The relief takes effect from Budget day (00:01 hours November 22nd).

Below sets out how much first-time buyers will pay before and after Budget:

Purchase Price                   Before Budget                      After Budget

£200,000                           £1,500                                   £0

£300,000                           £5,000                                  £0

£400,000                           £10,000                                £5,000

To benefit from this relief, a  first-time buyer is someone who has never owned a freehold or leasehold property before and who is purchasing their only or main residence (not a Buy To Let property). Residential property anywhere in the world is counted when determining whether someone is a first-time buyer. Where there are joint purchasers, all purchasers would need to be first-time buyers. If you have inherited property or if you have a share in a trust who own property then you will not be classed as a first-time buyer.

If you are first-time buyer and need our help, please contact our expert property team for a quotation and free first advice on 01275 843213.

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