Stamp Duty December 2017
First-time buyers will pay zero stamp duty on the first £300,000 of any home that costs up to £500,000.This means on a home worth less than £300,000, you'll pay no stamp duty.
NEW! How it works for first-time buyers buying a property worth up to £500,000
However, the system's different if you're a first-time buyer buying a property worth up to £500,000. This comes after the Chancellor announced in this year's Autumn Budget that, with immediate effect, first-time buyers will pay zero stamp duty on the first £300,000 of any home costing up to £500,000 (and only 5% on any proportion between £300k and £500k).
This means in England, Wales and Northern Ireland (there's no change for buyers in Scotland), the new stamp duty rates for first-time buyers buying properties costing up to £500,000 are as follows:
· Up to £300,000 purchase price: 0% stamp duty
· £300,000.01 to £500,000: 5% (on that portion of the purchase price only)
Who counts as a first-time buyer?
A first-time buyer is someone who's never owned a property, whether bought or inherited, anywhere in the world. So if you inherited your late grandma's holiday home in Spain, even though you sold it straightaway, you won't count as a first-time buyer under these rules. You also won't count as a first-time buyer if you're buying your first property with the intention to let it out.