180,500 first-time buyers benefit from relief on Stamp Duty Land Tax (SDLT)

Figures released by HM Revenue & Customs (HMRC) have revealed that 180,500 first-time buyers have benefited from the Government’s changes to Stamp Duty Land Tax (SDLT).

HMRC estimates that first-time buyers have saved a total of more than £426 million since Chancellor Philip Hammond announced the First-Time Buyers’ Relief (FTBR) in November 2017.

At Budget 2018, the Chancellor announced an extension of the scheme to first-time buyers purchasing through approved shared ownership schemes that choose to pay SDLT in stages, rather than on the market value of the property. This relief is available retrospectively to eligible property transactions since November 2017.

Mel Stride MP, Financial Secretary to the Treasury, said: “These statistics show that the Government was right to offer a helping hand to first-time buyers. Without this investment, more than 180,500 new homeowners may have struggled in getting onto the property ladder. Maintaining the status quo was not an option.”

FTBR is becoming increasingly popular, with the relief claimed in 58,800 transactions between July and September 2018, representing a 12 per cent increase on the previous quarter.

Link: 180,500 new homeowners benefit from stamp duty tax relief

Wilder Coe Ltd
Our mission is to care for each of our clients so that their expectations and goals are met and exceeded. So whether you’re looking for tax minimisation, wealth maximisation or simply a professional service with a personal touch Wilder Coe Ltd’s partner-led approach, combined with a commitment to developing an understanding of your business and a rapport with you and your staff, ensures that you and your business always get the right level of attention and service you need.

We are a multi-faceted practice providing a wide range of professional business services including accountancy, auditing, taxation, corporate business recovery and insolvency services. For more information, please contact us.