Autumn Budget 2017 – What does the Stamp Duty change mean?

Following the announcement in the Autumn Budget released yesterday, Stamp Duty will now be abolished immediately for first-time buyers purchasing a home with a value up to £300,000.

First-time buyers will be able to claim relief so no tax is paid up to £300,000; and 5% on the portion from £300,001 to £500,000.

However, if the price is over £500,000, the rules for people who have purchased a home before will be followed and there will be no discounted rate.

The definition of a first-time buyer for this relief is someone who has never owned freehold or leasehold interest in a dwelling before; and who is purchasing their only or main residence.

Residential property anywhere in the world is counted when determining whether someone is a first-time buyer.

Furthermore, where there are joint purchasers, all purchasers would need to be first-time buyers.

Chancellor Philip Hammond has indicated this will mean 95% of first-time buyers would see a Stamp Duty saving, whilst 80% of first-time buyers will pay none at all.

If you are looking to purchase your first home and require a competitive purchase quotation or have questions regarding Stamp Duty, please contact our conveyancing department on 023 9267 5555 or e-mail conveyancing@a2law.co.ukÂ