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This article was published on November 22nd, 2017
There was great news for first-time buyers and conveyancing solicitors alike today as the Chancellor Phillip Hammond announced that the Government was abolishing stamp duty for first-time buyers looking to purchase a home with a value of £300,000 or less.
The Government estimates that the immediate abolition of stamp duty will help over a million first-time buyers take their first step onto the property ladder by 2022.
Mr Hammond also suggested that the new rules surrounding stamp duty would cut the tax for 80 per cent of all first-time buyers.
The move comes as part of the Government’s efforts to boost housebuilding and improve the prospects of first-time buyers.
The Treasury has outlined what this will mean for solicitors in practice.
When a conveyancing solicitor’s client is a first-time buyer, the solicitor will have to enter a code on the stamp duty return to highlight that their client is a first-time buyer and therefore the stamp duty rates should be calculated accordingly.
Conveyancing solicitors will also expect more work as the Chancellor also laid out another policy targeting developers who hoard land to build on.
Under the Government’s new policy it will reserve the right to enforce a ‘use-it-or-lose-it’ policy for landowners who are withholding their land for commercial reasons.
This is also another tactic which the Government hopes will help increase the number of new homes available to UK residents by 2022.
If you would like to take advantage of the new stamp duty regulations, our conveyancing solicitors can help you secure your chosen property.