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Stamp Duty reforms announced in the budget

Chancellor Philip Hammond has announced a cut to stamp duty for first-time buyers as the leading housing measure in today’s Budget.

Housing took centre stage during today's Autumn Budget, as the Chancellor set out the Governments financial plans for the economy as a whole, in a speech that was riddled with topical quips.

Paying particular attention to getting young buyers on the housing ladder, Philip Hammond promised to build the homes that would make good on the Government's pledge to make home ownership a reality for all generations.

The Chancellor announced the abolition of Stamp Duty Land Tax for first time buyers, on residential properties up to £500,000, with zero tax to pay on the first £300,000. The remaining sum will be charged at five per cent SDLT, providing an effective reduction of around £5000 in fees.

The cut means that relief will be given to 95 per cent of all first-time buyers, with 80 per cent of all first time buyers paying no tax at all. Effective immediately, the relief will apply to transactions from or after 22 November 2017. Legislation will be introduced in the Finance Bill 2017 to 2018.

The relief will apply to purchases in England, Wales and Northern Ireland. In Wales, it will apply until Land Transactions Tax replaces SDLT for transactions in Wales from 1 April 2018. The support will not apply to Land and Building Transaction Tax in Scotland.

22.11.17

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