Stamp Duty for First Time Buyers

    Stamp Duty for First Time Buyers

    Stamp duty has now been abolished for most first time buyers in England, Wales and Northern Ireland.

    A permanent change to the initial stamp duty threshold for first time buyers means that anyone buying their first home won't be liable for stamp duty if the purchase price is below £300,000.

    Further relief is available for purchases up to £500,000 to help first time buyers in more expensive locations such as London.

    Impact of the changes

    The Government predict that the stamp duty changes will help up to 95% of first time buyers in England, Wales and Northern Ireland and up to 80% in London.

    The new relief has been introduced with immediate effect and applies to anyone purchasing their first home from November 22nd 2017.

    How does it work?

    First time buyers will need to declare that they have never owned a property either in the UK or abroad. A special first time buyer code will need to be submitted with the stamp duty return once a home is purchased.

    Full Stamp Duty relief is available up to £300,000, with reduced liability up to £500,000. Any purchases above £500,000 will attract the normal stamp duty rates on the whole purchase price.

    Joint Purchasers

    If a property is being purchased by more than one individual then all parties will need to be first time buyers to qualify for the relief.

    Wales and Scotland

    Stamp duty relief is not currently available in Scotland as taxation levels are set by the Scottish Governement.

    In Wales stamp duty relief will be available until April 2018. After this time stamp duty levels will be determined by the Welsh Governement when a new Land Transaction Tax will replace the existing stamp duty system.

    First Time Buyers Calculator

    The stamp duty calculators below compare the level of tax before and after stamp duty relief was announced in the 2017 Autumn Budget. The calculations shown appy to freehold residential property purchased in England, Wales and Northern Ireland.

    Before Budget

    Purchase Price

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    After Budget

    Purchase Price

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    Show Full Calculation

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