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:
- You have never brought a property
- You have never inherited a property
- 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.