As announced by Philip Hammond in the Autumn Budget, first time buyers paying £300,000 or less for a property will now not pay SDLT (‘Stamp Duty’).
A first time buyer is “an individual or individuals who have never owned an interest in a residential property - either in the UK or anywhere else in the World”. They must intend to occupy the purchased property as their main residence.
First time buyers purchasing property between £300,000 and £500,000 will also benefit from a reduced rate of Stamp Duty.
This budget change is intended to benefit most first time buyers. If you are intending to purchase a property and believe you will benefit from this change please talk to one of our conveyancing solicitors who will be pleased to help you.
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