Stamp Duty Land Tax Changes for First Time Buyers

As of 22nd November 2017, first time buyers purchasing for £300,000 or less on a property pay no Stamp Duty Land Tax (SDLT) and those purchasing between £300,000 and £500,000 will pay considerably less.  The change has come in with immediate effect, therefore even if you have exchanged contracts you may still benefit if you complete on or after 22nd November.

We act for numerous first time buyers and the recent changes have been welcomed by most to help them take their first step on to the property ladder.

The following conditions must apply in order to qualify for the relief:

  • You must be purchasing for £500,000 or less
  • You must be a first time buyer – This applies to every purchaser if you are purchasing jointly and you will not be classed as a first time buyer if you have received property by way of gift or inheritance or if you have ever owned residential property either here or anywhere else in the world
  • The property being purchased must be intended to be used as your main home

More information can be found on the following government websites:

https://www.gov.uk/government/publications/stamp-duty-land-tax-relief-for-first-time-buyers/stamp-duty-land-tax-relief-for-first-time-buyers

https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/661728/8274_guidance_note_SDLT_relief_for_first_time_buyers.pdf

If you require assistance with your property matter, please contact one of our specialist lawyers:

Buying, Selling & Renting Homes