Stamp Duty Land Tax and First Time Buyers
The Autumn 2017 Budget abolished stamp duty land tax for all first-time buyers on the first £300,000 of homes worth up to £500,000.
If a property is worth between £300,000 and £500,000, a first-time buyer will pay no Stamp Duty on the first £300,000, but you will pay the standard 5% on the remaining amount (between £300,000 and £500,000).
What is a first-time buyer?
To qualify as a first-time buyer, you must never have owned a residential property in the UK or abroad. This includes freeholds and interests in leasehold properties.
The property must be purchased as your only or main residence. This therefore means that first-time buyers cannot get Stamp Duty Land Tax relief on buy-to-let properties.
How can Bull and Co Solicitors LLP help?
Our Conveyancing Team has a wealth of experience and extensive knowledge not only of the whole conveyancing process but the law behind it. To see if the changes for first time buyers apply to you please contact us on a no obligation basis or to request an estimate of the legal costs and expenses involved.