First-time buyer stamp duty relief
The Chancellor announced a permanent Stamp Duty Land Tax (SDLT) cut in September 2022. First-time buyers won't pay stamp duty on the first £425,000 of the property value.
How much stamp duty do first-time buyers pay?
- The nil-rate threshold for first-time buyers’ relief is £425,000, increased from £300,000 previously.
- A 5% first-time buyer relief applies on the portion between £425,001 and £625,000 (up from the previous value of £500,000).
Stamp duty for shared ownership
Share to Buy is a good resource for additional information relevant to shared ownership.
The calculation of stamp duty can be complicated and you should seek advice based on your individual circumstances from your solicitor or other legal adviser.