Stamp Duty Abolished for First Time Buyers up to £300,000
The Chancellor, Philip Hammond, has abolished Stamp Duty for First Time Buyers on purchases of up to £300,000 with immediate effect. There will also be no Stamp Duty charged to First Time Buyers on the first £300,000 of purchases up to £500,000.
From his speech today:
"I’ve received representations for a temporary Stamp Duty holiday to first time buyers. But that would only help those ready to purchase now. And would offer nothing for the many who will need to save for years. So, with effect from today, for all first-time buyer purchases up to £300,000, I am abolishing stamp duty altogether. To ensure that this relief also helps first time buyers in very high price areas like London, it will also be available on the first £300,000 of the purchase price of properties up to £500,000. Meaning an effective reduction of £5,000. A stamp duty cut for 95% of all first-time buyers who pay stamp duty. And no stamp duty at all for 80% of first time buyers from today."