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Abolition of Stamp Duty Land Tax up to £300,000 - 6 Things You Should Know

on Monday, 12 February 2018.

Our quick facts guide to the new Stamp Duty Land Tax (SDLT) relief.

  • Before the Autumn budget of 2017, a first-time buyer of a property worth £300,000 would have paid £5,000 in SDLT.

  • Now, first-time buyers purchasing residential property in the UK, Wales and Northern Ireland will pay no SDLT on properties valued up to £300,000.

  • First-time buyers of properties priced between £300,001 and £500,000 will pay SDLT at a rate of 5% on the purchase price in excess of £300,000.

  • Purchasers of property over £500,000 will claim no SDLT relief.

  • To qualify for this relief, the first-time buyer should not have held any interest in a residential property in the UK or anywhere else in the world before and they must intend to occupy the property as their main residence.

  • The government has stated that the new relief will save 80% of first-time buyers from paying SDLT. These reforms accompany the government’s ambitious housing plans to build 300,000 new homes a year.

For more information, please contact Jackie Roe, in our Residential Conveyancing team, on 0117 925 2020.

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