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Stamp Duty Changes for First Time Buyers

In a boost for young people struggling to get on the housing ladder The Chancellor, Philip Hammond, has scrapped the stamp duty levy for first time buyers on properties worth up to £300,000.

In last week’s budget it was announced that first time buyers will no longer pay stamp duty on homes valued up to £300,000.  Mr. Hammond said he wanted to “revive the home-owning dream in Britain” and the move would benefit 95% of first time buyers.  The Treasury expect more than one million young people to benefit over the next 5 years.

For homes worth up to £500,000 first time buyers will now not pay stamp duty on the first £300,000.

As a result, stamp duty has been halved on a £400,000 property falling from £10,000 to £5,000.

In the small print of the latest budget it has revealed that the Government is to make minor changes to the ‘additional homes’ three per cent stamp duty surcharge.  It has stressed that these amendments are to improve the operations of the surcharge.  It will provide relief in certain cases:-

- a court order issued on a divorce or dissolution of a civil partnership prevents someone from disposing of their interest in a main residence;

- an individual buys property from their spouse;

- a person buys a property in a child’s name or on a child’s behalf, where they are doing so in their capacity as the deputy of that child; or

- a purchaser adds to their interest in their existing main residence.

These changes came into effect from Wednesday 22nd November.

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