A new relief has been introduced for First-time-buyers within England, Wales* and Northern Ireland that will raise the price at which a property becomes liable for stamp duty land tax (SDLT) to £300,000 for transactions taking effect on or after 22 November 2017.
Those claiming the relief will pay no SDLT on the first £300,000 of the consideration and 5% on any remainder up to a maximum purchase price of £500,000.
First-time buyers paying more than £500,000 will not be eligible for any relief.
*From 1 April 2018, Wales will assume responsibility for setting its own land transaction tax rates.
SDLT Higher Rate Changes
Minor changes to the operation of SDLT have also been introduced to grant relief under certain transactions falling within the higher SDLT rates.
Should you wish to discuss any of these changes, please contact our Property Team. firstname.lastname@example.org or call Vyman at +44 (0) 20 8427 9080