Last updated on November 8th, 2020 at 01:47 pm
For first time buyers who purchase property of not more than £300,000, no stamp duty will be payable and for properties of not more than £500,000, the buyer will pay 5% of the amount above £300,000.
Stamp duty rates are currently:
Up to £125,000 0%
£125,001 – £250,000 2%
£250,001 – £925,000 5%
£925,001 – £1.5 million 10%
Above £1.5 million 12%
Therefore, the relief offers a potential saving for first time buyers of up to £5,000 (on properties up to £300,000). The government says that the average first time buyer will save around £1,700.
In order to benefit from the relief, the buyers must be buying a property:
- as an individual, or if there is more than one person, they must all be individuals
- which costs no more than £500,000
- which is their first home (all of the individual buyers) and will be their only or main residence
- on or after 22 November 2017
- where the purchase is not linked to another land transaction except where
- the land is part of the gardens or grounds of the property, or
- the land subsists for the benefit of the property or its garden or grounds
You can find out more about stamp duty land tax on our website, where you can also get a competitive quote from our conveyancing solicitors 24 hours a day.
Read the full government report here.