Residential Property
Stamp duty abolished for First-Time Buyers for properties up to £300,000 outside London
November 23, 2017The 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.
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.
