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Latest NewsTuesday 5th December 2017
Stamp Duty Land Tax relief for first-time buyers
The Chancellor announced a relief from Stamp Duty Land Tax (SDLT) for first time buyers to apply for purchases from 22 November 2017. Where conditions are met, there will be no SDLT on the first £300,000 of the purchase price. A rate of 5% will apply to the excess (over £300,000 to £500,000).
In essence, the relief applies to:
•Purchases of a single dwelling
•Where the purchase price is £500,000 or less
•Individual purchases only (not companies)
•Each purchaser must be a first time buyer
•Each purchaser must intend to occupy the dwelling as their only or main residence
•Does not apply to non-residential or mixed use properties
•The relief must be claimed on a land transaction return
The relief will only apply to purchases in England, Wales and Northern Ireland. In Wales, it will apply until land transactions tax replaces SDLT for transactions in Wales from 1 April 2018. The Scottish Government’s land and buildings transaction tax came into force on 1 April 2015, replacing SDLT for land transactions in Scotland.
If you are keen to get on the property ladder or have found your ideal first property and want to find out how the conveyancing process works and what your legal costs will be, contact our Residential Property Team now on 01392 209209.
Sam Reid, Solicitor: 01392 209205. email@example.com
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