Stamp Duty cut for first time buyers
In the Budget on the 22nd November 2017, the Chancellor Phillip Hammond abolished Stamp Duty Land Tax for first time buyers buying a home valued at up to £300,000.
For first time buyers buying a home valued between £300,000 and £500,000, no Stamp Duty will be paid on the first £300,000.
The move is intended to make it easier for first time buyers to get on the property ladder.
Stamp Duty Land Tax is a tax on residential properties.
The cut in Stamp Duty is one step in the government’s proposed plans to increase home ownership. The Chancellor also announced a variety of plans aimed at increasing the level of house building in the country over ht next few years.
Please contact us for advice on any aspect of buying or selling a property, or for clarification on whether you will be liable to pay Stamp Duty Land Tax on your purchase.
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