Autumn Budget 2017

Stamp Duty Land Tax

In a measure designed to help young people gain a foothold on the property ladder, the government will abolish Stamp Duty Land Tax for first time buyers on property purchases up to £300,000. This measure takes place with immediate effect, commencing 22 November  2017.

In an extension of this measure, aimed at those buying their first property in the UK’s more expensive areas, and also with immediate effect, a 0% band of £300,000 will apply for first time buyers on property purchases up to £500,000.  The balance of the purchase price will be subject to Stamp Duty Land Tax at a rate of 5%.

By way of an example, a first time buyer who purchased a property for £450,000 before 21 November 2017 would have paid Stamp Duty Land Tax of £12,500.  However, following the introduction of this new measure, they would pay Stamp Duty Land Tax of £7,500 – a difference of £5,000.

Property purchases exceeding £500,000 are unaffected by these new measures. Likewise properties costing below £500,000 which are purchased with non-residential land or buildings (‘mixed properties’) will not be eligible for the new exemption.

On a separate note, the government have confirmed that a new 14 day filing and payment window will apply to land transactions with an effective date on or after 1 March 2019.  This is a reduction from the current 30 day filing and payment window.

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