Key stamp duty changes and other housing points from the Philip Hammond’s Budget yesterday:-
- Stamp duty for first-time buyers purchasing properties up to £300,000 is to be abolished, with immediate effect.
- In London, and other expensive areas, a £500,000 purchase would have no stamp duty on the first £300,000 and 5% stamp duty on the remaining £200,000.
- In England, Wales and Northern Ireland, the reduction will apply immediately. Please see our previous news article (20th November 2017) about the introduction of Land Transaction Tax in Wales in April 2018.
- The reduction will not apply in Scotland (unless the Scottish Government applies it).
- Councils will be given power to charge a council tax premium on empty properties of 100%.
- The Government have pledged £44bn in housing support, with a target of 300,000 new homes being built per annum by the middle of next decade.
- Planning permission delays to be reviewed.
- £400m to regenerate housing estates.
- £1.1bn to release “strategic” sites for development.
- Compulsory purchase of land set aside by developers for financial reasons.
If you have any queries relating to the above changes, and it’s impact on your property purchase, please contact Andrew McCausland on 0151 200 2102.