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Stamp duty changes for first time buyers

15/05/2018

Stamp duty changes for first time buyers: what does it all mean?

In the Budget 2017, it was announced that first time buyers would not be liable to pay Stamp Duty Land Tax if the purchase price of their property does not exceed £300,000. For properties between £300,000 and £500,000, Stamp Duty Land Tax is not payable on the first £300,000 but would be charged at 5% on the remaining amount.

Properties worth over £500,000 do not qualify for first time buyer relief and Stamp Duty Land Tax would be payable at the standard rate on the whole of the purchase price.

These changes were introduced to make it easier for first time buyers to get on the housing ladder.

In order to qualify as a first time buyer you and any joint purchaser must never have owned property in the UK or abroad. This means you will have never owned a freehold or leasehold interest in a property before and you must be purchasing the property as your only or main residence.

The rules surrounding the relief can be complex and it depends on the circumstances of the individual. Factors such as whether the property is being acquired on a buy to let basis, whether or not any property has been inherited previously or whether the first time buyer is married to a person who owns their own property can all prevent the relief from being claimed and specialist advice is therefore required.

Whiskers LLP have a specialist team of property lawyers to assist you with your first purchase and you should not hesitate to get in touch if you have any queries.

Harlow: 01279 439439
Epping: 01992 561111
Stortford: 01279 501550
enquiries@whiskers.co.uk

By Fallon Luna
Whiskers LLP
Head Conveyancer Harlow Branch

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