On 22nd September 2022, the Chancellor of the Exchequer announced stamp duty cuts with immediate effect to residents in England and Northern Ireland which will remain until 31st March 2025.
What is Stamp Duty?
When purchasing a property or land, you will pay tax on it, this is what is known as Stamp Duty Land Tax (SDLT) in England and Northern Ireland.
First-Time Buyers and Stamp Duty – What You Need to Know
First-time buyers purchasing a property that costs up to £425,00 will pay no Stamp Duty.
First-time buyers are eligible to claim relief on the property they are purchasing meaning you’ll only pay 5% SDLT on the portion from £425,001 to £625,000
Who Qualifies as a First-Time Buyer?
There are several conditions that you must meet. This list is not extensive of all the qualifying requirements and more information can be found on the Government website.
You must be a resident of England and Northern Ireland
According to Money Helper, you’re classed as a first-time buyer if you’re buying your only or main residence, and have never owned a freehold or have a leasehold interest in a residential property in the UK or abroad. Generally, if this will be the first home you have ever purchased, you will count as a first-time buyer. If others are involved in the purchase of the property, everyone must be a first-time buyer.
Paying Stamp Duty?
Payments are due within 14 days of the ‘effective’ transaction date and if you do not pay by the deadline you may need to pay a penalty, interest or both in England and Northern Ireland.
For more information Please do not hesitate to contact us here at Chancellors. If you would like any further help or
guidance, please visit or call your local branch.
Correct at time of publication (24th April 2023). The views and opinions expressed herein are those of the individual contributor and do not necessarily reflect those of the Chancellors Group of Estate Agents Ltd or its subsidiaries. References to legislation, best practice and other matters with legal implications such as fees, rules and processes are included for information and editorial purposes only and are not authoritative, nor should they be interpreted as advice. When in doubt you should only take advice from an industry professional or solicitor where appropriate. E&OE.
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