Stamp Duty Abolished for First-Time Buyers
- 23rd November 2017
- Benjamin Jones
- No comments
During the 2017 Budget announcement on 22nd November 2017, Chancellor Philip Hammond declared that Stamp Duty Tax will be abolished immediately for first-time buyers purchasing properties of up to £300,000. This exemption is also available for the first £300,000 on properties worth up to £500,000.
Mr Hammond claimed as a result of these changes, 95% of first-time buyers would see Stamp Duty cut, whilst 80% would pay none at all.
These changes take effect immediately providing you meet the following criteria:
- You complete your purchase on or after 22nd November 2017
- The purchase price is £500,000 or less
- You, and anyone else you are buying jointly with, are first time buyers
The Budget documents confirmed that the proposal for Stamp Duty relief “applies in Wales until April 2018, when it is devolved and the Welsh Government’s new Land Transaction Tax is introduced”. It will then be the Welsh Government’s responsibility to consider introducing future reliefs in Land Transaction Tax.
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