First Time Buyers are known for struggling to produce the large sum of capital that is needed in order to own their own home and many have to borrow money from relatives to overcome this.
The Autumn Budget introduced by Philip Hammond on the 22nd of November 2017 announced that first time buyers acquiring properties for up to £300,000 would no longer have to pay any stamp duty land tax and there would be an additional saving for purchases up to £500,000.
First time buyer purchases over £300,000 and up to £500,000 will attract an additional 5% on the difference paid. For example, a purchase at £400,000 will attract 5% (£5,000) on the additional £100,000.
First time buyers purchasing property for over £500,000 will not benefit from any stamp duty land tax relief and the usual residential rates will apply on the whole purchase price.
A first time buyer is defined as an individual or individuals who have NEVER owned an interest in a residential property anywhere in the world and the property they are purchasing must be occupied as their main residence.
So if you have previously owned a property or you have an interest in a property you will NOT be entitled to the tax relief.
Relief will not apply to couples that are purchasing together where one of the party cannot be classed as a first time buyer.
Get your purchase or sale process started by calling our Norwich Solicitors on 01603 620508 or email using our online contact form.