Stamp Duty for First Time Buyers

A permanent change to the initial stamp duty threshold for first-time buyers means that anyone buying their first home won't be liable for stamp duty if the purchase price is below £425,000.

Further relief is available for purchases up to £625,000 to help first-time buyers in more expensive locations such as London.

How does it work?

First-time buyers will need to declare that they have never owned a property either in the UK or abroad. A special first-time buyer code will be included in need to be submitted with the stamp duty Return which document is submitted to HM Revenue & Customs on completion of the purchase. once a home is purchased.

Joint purchasers

If a property is being purchased by more than one person (eg in joint names) individual then all parties purchasers will need to be first-time buyers to qualify for the relief.

Call our conveyancing team on 01243 790532 if you have general enquiries about buying or selling your property or email info@owenkenny.co.uk with your enquiry.