UK Autumn Budget 2017 – property taxes

Nov 27, 2017

The main announcement in this area was the introduction of a new stamp duty land tax (“SDLT”) relief targeted at first time buyers.

From 22 November 2017 first time buyers paying £300,000 or less for a residential property will pay no SDLT. First time buyers paying between £300,000 and £500,000 will pay SDLT at 5 percent on the amount of the purchase price in excess of £300,000. First time buyers purchasing property for more than £500,000 will not be entitled to any relief and will thus pay SDLT at the normal rates.

A first time buyer is defined as an individual or individuals who have never owned an interest in a residential property in the United Kingdom or anywhere else in the world and who intend to occupy the property as their main residence. This relief must be claimed in an SDLT return.

A measure granting relief, in very specific cases, from the additional 3 percent SDLT due for acquisitions of additional residential properties also featured.