Blog

BakerLaw Legal Blog

Services
People
News and Events
Other
Blogs

Autumn Budget 2017: What it means for you as a First Time Buyer

View profile for Lalini De Silva
  • Posted
  • Author

As of Today, 22 November 2017, stamp duty land tax has been abolished for first-time purchases of property up to the value of £300,000. If you are a first time buyer and the property you are purchasing is up to the value £500,000, you will be entitled to total relief on the first £300,000 with the remainder up to £500,000 being subject to tax at the existing rate of 5%.

You will benefit from this change if:

  1. You have never brought a property
  2. You have never inherited a property
  3. You are not a beneficiary of a trust that owns a property.

However, please note that the relief will not apply to properties that are valued at more than £500,000.

If you are a first time buyer, now is the time to start getting yourself on the property ladder, and to take full advantage of this tax relief. If you are considering purchasing a property, please get in touch with a member of the conveyancing team who would be delighted to assist you.  

Comments