2017 Autumn Budget - Chancellor abolishes stamp duty for first-time homebuyers

23 Nov 2017

In his Autumn Budget speech, Chancellor Philip Hammond abolished Stamp Duty Land Tax (SDLT) for first-time homebuyers, with immediate effect.

The abolition will apply for individuals seeking to purchase a first home worth up to £300,000. To assist individuals in London and other expensive areas, the first £300,000 of the price of a home valued at £500,000 will be exempt from stamp duty for first-time homebuyers.

In his Budget speech, the Chancellor stated that the abolition represents ‘a stamp duty cut for 95% of all first-time buyers who pay stamp duty’.

Mr Hammond also suggested that the abolition will ‘help 80% of first-time homebuyers to get onto the housing ladder’.

First-time homebuyers will be required to pay the normal rates of stamp duty on all amounts above £500,000.

Think tank the Institute of Public Policy Research (IPPR) did not welcome the abolition.

Commenting on the change, Tom Kibasi, Director of the IPPR, said: ‘Unaffordable house prices are the problem, not stamp duty. For most young people, the stamp duty cut will make little difference. But it will help the beneficiaries of the bank of mum and dad.’


hcwa_logoBAS_logoicaew_logoChartered Tax Advisers logo
Copyright

© 2018 Mark J Rees LLP. All rights reserved.

We use cookies on this website, you can find more information about cookies here.
Contact Us

Please call:
0116 2549018

Address
Mark J Rees LLP, Granville Hall, Granville Road, Leicester, Leicestershire LE1 7RU

Mark J Rees LLP is a Limited Liability Partnership Registered in England & Wales Number OC362074. A list of members’ names is available at the business address. MJR, Mark J Rees and MJR Wealth Management are trading styles of Mark J Rees LLP which is registered to carry on audit work in the UK by the Institute of Chartered Accountants in England and Wales and authorised and regulated by the Financial Conduct Authority.

‘Partner’ refers to a director of a corporate member.