Stamp Duty cut helps first time buyers onto the property ladder
The recent budget announcement is welcome news for many first time buyers – as of 22 November 2017, those who are purchasing their first home for under £300,000 will not be required to pay any Stamp Duty Land Tax. This will effectively exempt 80 per cent of first time buyers from paying the tax.
Until recently, first time buyers purchasing a property at the UK average price of £226,000 would have needed to pay Stamp Duty of over £2,000.
First time buyers who are purchasing between £300,000 and £500,000 will pay Stamp Duty on the amount over £300,000. For example, if a first time buyer purchases a property worth £450,000, they would only pay Stamp Duty on £150,000. However, those purchasing a first property for over £500,000 will not qualify for the relief.
A first time buyer is an individual or individuals who have never owned a property or an interest in a property in the UK or elsewhere in the world and who are going to be occupying the property as their main residence.
If you are about to purchase your first home, the Maitland Walker conveyancing team are here to help. Contact the Minehead Office on 01643 707777 or at the Taunton Office on 01823 745777.