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Hammond scraps stamp duty for first-time buyers up to £300,000
In today's Budget, Chancellor Philip Hammond announced that he has raised the 0% stamp duty threshold to £300,000 from its current level of £125,000.
The relief will also be available on the first £300,000 of the purchase price of properties up to £500,000, which Hammond says will help first time buyers in very high price areas like London, meaning an effective reduction of £5,000.
He said the chances mean a stamp duty cut for 95% of all first-time buyers who pay stamp duty and "no stamp duty at all for 80% of first time buyers from today".
From 22 November 2017 first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty Land Tax (SDLT).
First time buyers paying between £300,000 and £500,000 will pay SDLT at 5% on the amount of the purchase price in excess of £300,000, a reduction of £5,000 compared to the amount of SDLT they would have previously paid.
A first time buyer is defined as an individual or individuals who have never owned an interest in a residential property in the United Kingdom or anywhere else in the world and who intends to occupy the property as their main residence.
First time buyers purchasing property for more than £500,000 will not be entitled to any relief and will pay SDLT at the normal rates.
Source: Financial Reporter 22/11/2017
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