Changes to the stamp duty regime were ushered in today 22nd noVEMBER 2017 BY phillip Hammond theChancellor of the Exchequer. You usually pay Stamp Duty Land Tax (SDLT) on increasing portions of the property price above £125,000 when you buy residential property, eg a house or flat.
There are now different rules if you’re buying your first home and the purchase price is £500,000 or less.
Rates if you’re buying your first home
You can claim a discount (relief) so you don’t pay any tax up to £300,000 and 5% on the portion from £300,001 to £500,000.
You’re eligible if:
- you, and anyone else you’re buying with, are first-time buyers
- you complete your purchase on or after 22 November 2017
If the price is over £500,000, you follow the rules for people who’ve bought a home before.
Use the SDLT calculator to work out how much tax you’ll pay.
You must still send an SDLT return for transactions under £125,000 unless they’re exempt.