Stamp Duty tax benefits for first time homebuyers remain
- 19th October 2022
- Buying Property News
No SDLT for first time buyers up to £425,000 despite roll-back of tax cuts
Despite the new Chancellor rolling back the majority of tax cuts made in September’s “mini-budget,” aspiring home-buyers will still be able to benefit from reliefs from Stamp Duty Land Tax.
This is particularly beneficial to first-time buyers, who will be exempt from Stamp Duty on properties of up to £425,000. Prior to the budget the threshold was £300,000.
After the portion of properties between £425,001 and £625,000 will incur Stamp Duty at a rate of 5%. First-time buyers in London could save as much as £11,250 on tax.
Stephen Ludlow, Chairman of Ludlowthompson, says: “First time buyers will be relieved that they’ll still be able to benefit from Stamp Duty relief.
“The savings they make will enable them to put this money towards a deposit or help to finance the renovation or decoration of their new home.”
“The Government’s decision to retain the Stamp Duty cut shows that it is determined to support the market and help first-time buyers get onto the property ladder. It’s great to see that this is one of the few cuts to survive the u-turn.”
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From Thomas Ciara Moss via Google Reviews
The Government’s decision to retain the Stamp Duty cut shows that it is determined to support the market and help first-time buyers get onto the property ladder. It’s great to see that this is one of the few cuts to survive the u-turn.
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