Stamp duty scrapped effective immediately for first time buyers purchasing a home up to £300,000.

Zoe Upson, Head of Property, shares the great news for first time buyers from today’s budget.

If you are a first-time buyer in England & Wales, now is the perfect time to purchase your first property.

Announced in today’s budget, and effective immediately, Stamp Duty Land Tax (“SDLT”) has been removed on purchases below £300,000. This is excellent news for all first-time buyers who have not completed prior to 22nd November 2017.

First-time buyers paying between £300,000 and £500,000 will pay SDLT at 5% on the amount of the purchase price in excess of £300,000, which is a reduction of £5,000 compared to the amount of SDLT that they would have previously paid.

If you have any queries in respect of the recent change to Stamp Duty Land Tax, or would like us to quote you to purchase your first step on the ladder, please do not hesitate to contact a member of our Conveyancing Team on 01905 900919 by email at: welcome@bradleyhayneslaw.co.uk, or complete our Contact Form.

This publication is intended for general guidance and represents our understanding of the relevant law and practice as at 22nd November 2017. Specific advice should be sought for specific cases; we cannot be held responsible for any action (or decision not to take action) made in reliance upon the content of this publication.