Budget 2017: SDLT Relief

Posted: 22 November 2017

The Chancellor of the Exchequer has announced permanent relief from stamp duty land tax for first time buyers, effective from 22nd November 2017.

First time buyers purchasing their first home for £300,000 or less will pay no SDLT. Where the purchase price is over £300,000 but does not exceed £500,000 they will pay 5% on the amount above £300,000, up to £500,000 and then the usual rates apply. For more information, view the guidance note from HMRC here.

InfoTrack have updated the tax calculator within the SDLT submission form immediately. All updates were made live for 7am, Thursday 23 November 2017. For inform

Relief applies where: 

- there is a purchase of a single dwelling
- first time buyers are purchasing their first home for £300,000 or less (will pay no SDLT)
- in order to be eligible for relief on the £300,000, the purchase price must not exceed £500,000
- the purchaser or, if there is more than one, all the purchasers are individuals
- the purchaser or, if there is more than one, all the purchasers are first time buyers who intend to occupy the dwelling as their only or main residence
- the purchase is not linked to any other land transactions, except for –
          - land that is or forms part of the gardens or grounds of the dwelling, or
          - land that subsists for the benefit of either the dwelling or its garden and grounds
- the effective date of the transaction is on or after, 22 November 2017 

The relief will apply to purchases in England, Wales and Northern Ireland. In Wales, it will apply until Land Transactions Tax replaces SDLT for transactions in Wales from 1 April 2018. The Scottish Government’s Land and Buildings Transaction Tax came into force on 1 April 2015, replacing SDLT for land transactions in Scotland.

Should you need any further information or if you would like to start using InfoTrack to submit SDLT, please speak with your Account Manager. 

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