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

• 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.