Big cuts on Stamp Duty – more money for Christmas shopping then?!!

Autumn Budget 2017: Stamp Duty Relief for first time buyers

The Chancellor Philip Hammond presented his first Autumn Budget on Wednesday 22 November 2017. His report set out a number of actions the government will take including support for more housebuilding with a target of building 300,000 new homes a year by 2025. His view is that the economy continues to grow and continues to create more jobs.

The attention-grabbing announcement was that first time buyers paying £300,000 or less for a residential property will pay no Stamp Duty, which means a saving of up to £5,000! First time buyers paying between £300,000 and £500,000 will pay stamp duty 5% on the amount of the purchase price in excess of £300,000.

The new rules apply to transactions with an effective date (usually the date of completion) on or after 22 November 2017.

For further information on the above or for any property related queries, please contact MTB Solicitors on 90 329801 or search MTB Solicitors for further contact details.