In the Budget today, the Chancellor of the Exchequer announced a permanent relief from stamp duty land tax (SDLT) for first time buyers, effective from today.
The relief will apply where:
- there is a purchase of a single dwelling,
- the purchase price does not exceed £500,000,
- the purchaser or, if there is more than one, all the purchasers are individuals,
- the purchaser or, if there is more than one, all the purchasers are first time buyers who intend to occupy the dwelling as their only or main residence,
- the purchase is not linked to any other land transactions, except for – land that is or forms part of the gardens or grounds of the dwelling, or land that subsists for the benefit of either the dwelling or its garden and grounds.
- the effective date of the transaction is on or after today, 22 November 2017.
Where first time buyers relief is available the rates of SDLT applicable are:
- 0% on the first £300,000 of the purchase price, and
- 5% on the amount above £300,000.
For more information on how our quotation calculator can help work out stamp duty costs for you contact - Dale - 0115 888 2736