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While the Stamp Duty ( SDLT ) holiday has finished at the end of September there is still tax relief available for first-time buyers.
The first-time buyer with no other property anywhere else in the world or interest in property anywhere else in the world is exempt from paying Stamp Duty if they purchase properties for less than £300,000. This means that the first-time buyer still has a chance to buy property without paying Stamp Duty if the price of the property is for £300,000 or less. For properties costing up to £500,000 a first-time buyer will not pay duty on the first £300,000, and pay the duty on the remaining amount up to £200,000. If the first-time buyer purchases a property worth in excess of £500,000 they do not qualify for any of the exemption and have to pay the full duty.
The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute, legal advice, and should not be relied upon as advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article. All content was correct at the time of publishing. Legal advice should always be sought in relation to specific circumstances.