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First Time Buyer Stamp Duty Rates

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Attention all First Time Buyers, the new stamp duty reform means saving you money on your first home!

From the 22nd 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.

Further information is available by visiting: www.gov.uk/stamp-duty-land-tax/overview or alternatively for further information, please contact:

Sales Team: 01827 311412 or email: sales@taylorcole.co.uk

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