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Stamp Duty Land Tax: Relief for first time buyers – 22 November 2017

22nd November 2017

This relief applies to individuals purchasing a residential property for the first time within England, Wales and Northern Ireland.

From 22 November 2017 first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax (SDLT).

First time buyers paying between £300,000 and £500,000 will pay SDLT at 5% on the amount of the purchase price in excess of £300,000, a reduction of £5,000 compared to the amount of SDLT they would have previously paid.

A first time buyer is defined as an individual or individuals who have never owned an interest in a residential property in the United Kingdom or anywhere else in the world and who intends to occupy the property as their main residence.

First time buyers purchasing property for more than £500,000 will not be entitled to any relief and will pay SDLT at the normal rates.

The relief must be claimed by filing an SDLT return.

This measure will have effect for transactions with an effective date (usually the date of completion) on or after 22 November 2017.

This measure does not apply in Scotland. Stamp Duty Land Tax was devolved to Scotland on 1st April 2015 and replaced by the Land and Buildings Transaction Tax (LBTT). This measure will apply in Wales until 1 April 2018, when Stamp Duty Land Tax will be devolved to Wales and will be replaced by the Land Transcation Tax (LTT).

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