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Autumn Budget 2017: Good news for first-time buyers of residential property

Autumn Budget 2017: Good news for first-time buyers of residential property

  • United Kingdom
  • Real estate
  • Tax planning and consultancy - Budget

22-11-2017

A new relief has been announced by the Chancellor, effective from today, for first-time buyers of residential property. No SDLT will be chargeable on the first £300,000 of the consideration and 5% is chargeable on the remainder of the consideration up to £500,000. This relief will not be available where the total consideration exceeds £500,000. The change potentially reduces the SDLT cost by £5,000 on a property worth £500,000.

A first-time buyer is an individual who has never owned an interest in a residential property in the UK or anywhere else in the world and who intends to occupy the property as their main residence.

Please view our dedicated Autumn Budget 2017 hub here. It will give you access to our watch list, our contributors and relevant articles and tweets.

www.eversheds-sutherland.com/autumnbudget

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