Stamp Duty Land Tax (SDLT) will not be eligible for first time buyers paying £300,000 or less for a residential property from 22 November 2017. But if they are paying between £300,000 and £500,000, then they need to pay SDLT at 5% on the amount of the purchase price in excess of £300,000, a depletion of £5,000 compared to the amount of SDLT they would have previously paid.
Who is classed as a first time buyer?
A first time buyer is basically an individual or individuals who have never possessed an interest in a suburban property in the United Kingdom or anywhere else in the world and who plan to inhabit the property as their main residence.
If the purchasing property is more than £500,000 then first time buyers will not be authorized to any relief and will pay SDLT at the normal rates and must be claimed in an SDLT return.