Stamp Duty in the Budget
The Chancellor, Philip Hammond, today delivered the Budget. A quick summary of it has been published on the BBC website today: http://www.bbc.co.uk/news/uk-politics-42056452
One of the more noticeable and key points of his speech was that Stamp Duty was to be abolished for first-time buyers for properties up to £300,000.
Chartered Legal Executive Jackie Stay comments: “Good news for first time buyers today as the Chancellor has announced within today’s budget that first time homebuyers will no longer have to pay stamp duty for properties up to £300,000. It will also be available on the first £300,000 of the purchase price for properties up to £500,000.
“It is believed that this will be an incentive to assist in the first time buyers market which will, we anticipate, have a knock on effect to chains at the higher end of the market.”
Jackie Stay is a Chartered Legal Executive in our Property department.