Stamp duty changes for first-time buyers: what you need to know
First-time buyers will pay zero stamp duty on the first £300,000 of any home purchase costing up to £500,000 with immediate effect, the Chancellor announced in today's Autumn Budget. This means on a home worth less than £300,000, you'll pay no stamp duty.
By doing this 80% of first-time buyers have moved out of paying stamp duty altogether. Saving the average first-time buyer £2500 on a purchase price of £250,000.
These changes apply to purchases in England, Wales, and Northern Ireland, anyone buying in Scotland still has to pay Land and Buildings Transaction Tax (LBTT), this is different from Stamp duty so make sure you speak to your mortgage advisers when buying in Scotland.
What is stamp duty?
Stamp duty land tax is a lump-sum tax that anyone buying a property or land costing more than a set amount has to pay. The rate at which you'll pay the tax varies based on the property price.
For more information on stamp duty visit www.elmtreefs.co.uk or call 01925 815 555