From 22nd November 2017, qualifying first time buyers will no longer be required to pay Stamp Duty Land Tax on property purchases in England and Wales.
This will be welcome news for first time buyers in a market where increasing property prices mean they are struggling to buy their first home.
Who Can Qualify For First Time Buyer Stamp Duty Land Tax Relief?
The relief is only available for first time buyers who meet the HM Revenue & Customs criteria which includes:-
- The purchase must be a residential property.
- The purchase price must not exceed £500,000, with stamp duty relief available on a purchase price of up to £300,000.
- The buyer must intend to occupy the property as their only or main residence.
- The buyer must not have previously had, at any time, a major interest in a property anywhere in the world.
What Does The Relief Consist Of?
First time buyers that satisfy the above criteria will be eligible for relief from all Stamp Duty Land Tax payable on a purchase price of up to £300,000.
Where a First Time buyer purchases for over £300,000 they will pay 5% Stamp Duty Land Tax on the proportion from £300,000 to the purchase price.
How Can We Help?
Nelsons offers a full range of legal property services and is happy to help in any aspect of buying or selling property.
Our conveyancing fees are competitively priced and we aim to provide the highest quality of service to make your home move as smooth as possible.