Stamp Duty Abolished for First Time Buyers

23 November 2017

From 22nd November 2017 first time buyers paying £300,000 or less for a residential property in Northern Ireland, England and Wales will pay no Stamp Duty Land Tax (SDLT) thereby reducing the upfront cost of buying your first home.

First time buyers paying between £300,000 and £500,000 for a residential property will pay SDLT at a rate of 5% on the amount of the purchase price in excess of £300,000. This is a reduction of £5,000 compared to the amount of SDLT a first time buyer would have previously paid under the pre 22nd November 2017 SDLT rates.

First time buyers purchasing property for more than £500,000 will not be entitled to any relief and will pay SDLT at the normal rates.

The new Stamp Duty Land Tax rules were announced as part of the Autumn Budget 2017 and are deemed to be a ""Helping Hand to First Time Buyers". It is part of the government's plan to support home ownership. The new rules are likely to benefit younger people as first time buyers are likely to be younger. The measure will benefit first time buyers of residential properties where the purchase price does not exceed £500,000 saving purchasers up to £5,000 and reduce the upfront cost of buying a home. It is anticipated that the new rules may lead to an increase in house prices.

A first time buyer is defined as "an individual or individuals who have never owned an interest in a residential property in the United Kingdom or anywhere else in the world and who intends to occupy the property as their main residence."

The first time buyers' relief must be claimed in the SDLT return which your conveyancing solicitor will submit on your behalf post-completion.

Should you require advice or assistance in respect of buying or purchasing your new home, please contact our residential conveyancing team headed by Lisa McMath and assisted by Lauren Jones.

Lauren Jones

 

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