Stamp Duty Land Tax changes for First Time Buyers
Prior to 22nd November 2017 when purchasing a Property, First Time Buyers had to pay Stamp Duty Land Tax (SDLT) on increasing portions of the Property price above £125,000.00.
Following the announcement of the Autumn budget yesterday, First Time Buyers purchasing a property in England, Wales and Northern Ireland, will not have to pay any SDLT on properties worth up to £300,000.00. For Properties with a price of £500,000, no SDLT will be paid on the first £300,000.00, and only 5% on the part above £300,000.00.
The information below outlines the crucial changes:
SDLT to be paid before the budget
£125,000 = £0
145,000 = £0
£200,000 = £1500
£300,000 = £5000
£400,000 = £10,000
£500,000 = £15,000
SDLT to be paid after the budget
£125,000 = £0
£145,000 = £0
£200,000 = £0
£300,000 = £0
£400,000 = £5000
£500,000 = £10,000
The changes came in to immediate effect from 22nd November 2017, and this is welcomed news for First Time Buyers as It is hoped that by slashing SDLT, it will help them get on to the Property Ladder. As can be seen from the above information, this will save some First Time Buyers from paying stamp duty at all.
If you are a First Time Buyer and are looking to buy your first property or have any questions about the recent changes to Stamp Duty please contact a member of our Emery Johnson Astills Conveyancing Team on 0116 255 4855 or 01509 610312 who will be happy to assist.